“IBA has given its recommendations to RBI,” he said.
However, the government wants the banking association to have domain experts and not limit itself to one association that delegates banking issues to the RBI.
“IBA may also consider providing training and skilling of middle management banking professionals to reduce the burden of banks in terms of empowering and improving banking professionals in the country,” the Financial Services Secretary said. Debasish Panda.
IBA has started its operational office in New Delhi. Panda urged for adoption of good enabling resources and technology for capitalisation, saying, “IBA has a very important role to play in the times to come and work towards taking up a large number of issues as a central nodal agency. needed.”
IBA President Rajkiran Rai said the association’s transformation began in 2018 and is now more closely involved in the conduct of the business side than just advocacy.
Mehta also said that they are involved in finding new solutions for customers especially during the pandemic and have come up with guidelines for cohesive functioning of the entire banking system.
IBA will also handle Enhanced reach and service excellence (Rest) reforms which is the common reform agenda for all public sector banks, aimed at institutionalizing clean and smart banking. Till now it was largely operated by the consultancy firm Bonston Consultancy Group (BCG).