Rajnish Kumar elected as the new chairman of IBA

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SBI chairman Rajnish Kumar has been appointed as the new chairman of Indian Banks’ Association. He will succeed Sunil Mehta, who was the MD & CEO of Punjab National Bank. The MD & CEO of IDBI Bank Rakesh Sharma will be honorary secretary of IBA for 2019-20.

Rahnish Kumar joined SBI as a Probationary officer in 1980. He has served as Managing Director (National Banking Group), a position he was given on 2 November 2015 and the Managing Director (Compliance & Risk) of SBI. The senior bank official previously also headed the SBI Capital Markets Limited (the Merchant Banking arm of State Bank of India) as Managing Director and Chief Executive Officer, prior to becoming Managing Director in SBI.

Indian Banks’ Association (IBA), formed on 26 September 1946 as a representative body of management of banking in India operating in India – an association of Indian banks and financial institutions based in Mumbai. With an initial membership representing 22 banks in India in 1946, IBA currently represents 237 banking companies operating in India. IBA was formed for development, coordination and strengthening of Indian banking, and assist the member banks in various ways including implementation of new systems and adoption of standards among the members.