28) Indian Banks Association (IBA)

Question 1

Context ?

Answer 1

Union Govt has declared Banking industry as a PUBLIC UTILITY SERVICE for 6 months till October under provisions of INDUSTRIAL DISPUTES ACT

Question 2

What is one key factor that is impacted because of this ?

Answer 2

Banking sector would not see any strikes by employees or officers during the operation of the law

Question 3

Why IBA came into picture now ?

Answer 3

It is usually an association that conducts strikes for the welfare of workers and regulates banking environment by propaganda

Question 4

Details of Indian Banks Association (IBA) ?

Answer 4

1) Formed in 1946
2) Managed by a committee - 1 chairman, 3 deputy chairmen, 1 honorary secretary and 26 members
3) Based in Mumbai
4) Represents almost 240 banking companies

Question 5

What banks are under the purview of IBA norms ?

Answer 5

All PSB’s, Old generation private banks like HDFC, AXIS and Federal Bank. Also some foreign banks like HSBC, CITI bank are part of it.
(Note : New generation private sector banks like KOTAK, INDUSIND, YES banks are not part of it)