What is the Indian Bank Association?
IBA(Indian Bank Association) Coordinates the various important activities of the banking industry in the country. It was established in 26 September, 1946 with 22 members to meet the diverse needs of the member banks.
A change in its rules in 1990 enabled the financial services industry and other related units to join as associate members. IBA is the body which decides the wage settlements for employees of the public sector banks.
The public sector banks include 20 nationalized banks including IDBI(industrial development bank of India) bank limited and the State bank group of state bank of India and its 5 subsidiaries.
IDBI(Industrial Development Bank of India): The IDBI was established on 1st July 1964 under an act of parliament as a wholly owned subsidiary of the Reserve Bank of India. On 16th February 1976, the ownership of IDBI was transferred to the Government of India.
Headquarters of IDBI is at Mumbai.
IBPS(Institute of Banking Personnel Selection): The IBPS is an autonomous agency in India. Which started its operation in 1995 as Personnel Selection Services (PSS). In 1984, IBPS became an independent entity at behest of Reserve Bank of India and Public Sector Banks.
IRDA(Insurance Regulatory and Development Authority): IRDA is Regulator for insurance sector, The IRDA was constituted in 2000, and set up by the Parliament under the IRDA act, 1999. It is 10 member body with a chairman, 4 whole time members and 4 part time members.