Finance Ministry asks IBA to play pivotal role in resurgence of economy

The Finance Ministry on Wednesday asked Indian Banks' Association (IBA) to play a pivotal role in the resurgence of the economy in the 75th year of India's independence.

"At this juncture I would urge the IBA Chairman to scout for good competent resources and technology adoption for capitalisation. IBA should not be merely an association that passes banking issues to the RBI, it must rather strive to integrate with economic reforms for boosting growth," Financial Services Secretary Debasish Panda said.

Inaugurating the Delhi office of IBA, the secretary suggested that the Association can also look at providing training and skilling to middle management banking professionals so as to unburden banks in the same task.


"IBA has a pivotal role to play in terms of research and key banking issues and a significant role to play in the resurgence of the economy in the 75th year of India's independence," he said.

During the occasion, IBA Chairman Rajkiran Rai said IBA's transformation started in 2018 and is now more closely involved in the business side operations than mere advocacy.

IBA is involved in finding new solutions for the customers especially during the pandemic and has come up with guidelines for the cohesive functioning of the entire banking system, IBA CEO Sunil Mehta said.

The Association has pushed reforms including the corporate lending system, dealing with issues like syndicate lending and multiple financing, he said.