(MENAFN- KNN India) New Delhi, Mar 22 (KNN) MV Rao, the Managing Director and Chief Executive Officer of Central Bank of India, has been elected as the new Chairman of the Indian Banks' Association (IBA), the industry lobby group representing banks in India.
The decision was made by the IBA's managing committee during its meeting on March 21, 2024, as announced by the Central Bank of India in a statement.
The managing committee also announced other key appointments. Dinesh Kumar Khara, Chairman of the State Bank of India, will continue as one of the three deputy chairmen. The other two deputy chairmen elected are S L Jain, Managing Director and CEO of Indian Bank, and N Kamakodi, Managing Director and CEO of City Union Bank.
Additionally, Madhav Nair, Country Head and CEO of Bank of Bahrain and Kuwait, who previously served as a deputy chairman, has been appointed as the honorary secretary of the IBA.
The appointment of MV Rao comes at a significant juncture, as the IBA recently concluded negotiations with bank unions, culminating in the signing of the 9th joint note and the final 12th bipartite settlement agreement earlier this month.
This agreement ensures a substantial 17 per cent wage hike for employees of public sector banks.
The wage revision, amounting to Rs 12,449 crore for all banks, including State Bank of India, will be effective from November 1, 2022, for a five-year period. Under the terms of the settlement, employees can anticipate an annual increase in salary and allowances amounting to 17 per cent of the annual pay slip expenses for FY22.
This comprehensive settlement covers 25 banks, comprising 12 public sector lenders, 10 private banks, and 3 foreign banks.
(KNN Bureau)
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