Indian Bank’s Association Current Affairs - 2019

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RBI constitutes high-level committee to review ATM charges

The Reserve Bank of India (RBI) has constituted a high-level committee under the chairmanship of VG Kannan, Chief Executive of Indian Banks’ Association (IBA) to review the entire gamut of ATM charges and fees.

Key Highlights

  • Background: There are around 2 lakh ATMs in India. At end of April 2019, there were over 88.47 crore debit cards and 4.8 crore credit cards in function, and as per RBI data during April only 80.9 crore transactions were done through debit cards on ATM.
  • Need: Over the years, uses of ATMs have grown significantly and there have been persistent demand of changing ATM charges and fees. Thus amid demands for reviewing the levies by bank, RBI constituted high-level committee.
  • Constitution: The six member committee chaired by of VG Kannan, will consist of members namely- Dilip Asbe (CEO, National Payments Corporation of India (NPCI)), Giri Kumar Nair (CGM, State Bank of India (SBI), Sanjeev Patel (CEO, Tata Communications Payment Solutions (TCPSL)), S Sampath Kumar (Group Head, Liability Products, HDFC Bank), and K Srinivas (Director, Confederation of ATM Industry (CATMi)).
  • Function:
  • It will examine existing patterns of costs, charges and interchange fees by banks for automated teller machines (ATMs) transactions.
  • It will review overall patterns of usage of ATMs by cardholders and also assess impact (if any) on charges and interchange fees levied by banks.
  • It will assess entire range of costs in respect of ATM ecosystem within the country.
  • It will make recommendations on optimal charge or interchange fee structure and pattern.
  • Timeframe: It will submit its report to RBI within two months from date of its first meeting.

Month: Categories: Business, Economy & BankingUPSC

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Sunil Mehta elected as new Chairman of Indian Bank’s Association for 2018-19

Punjab National Bank (PNB’s) managing director and chief executive, Sunil Mehta was elected as new chairman of Indian Banks Association (IBA) for year 2018-19. Bank of India’s managing director and chief executive Dina Bandhu Mohapatra was elected as the deputy chairman. Madhav Nair, country head and chief executive, Mashreqbank PSC, was elected as Honorary Secretary of IBA for 2018-19, State Bank of India’s chairman, Rajnish Kumar, and Federal Bank’s managing director, Shyam Srinivasan, will continue as deputy chairmen of IBA.

Indian Bank’s Association (IBA)

It is an association of Indian banks and financial institutions. It was established on September 26, 1946. It is headquartered in Mumbai. Its objective is to strengthen, develop and foster coordination among Indian banking stakeholders. It also facilitates various member banks. Managing Committee of IBA consists of chairman, three deputy chairmen, one honorary secretary as well as 26 members. The members of IBA comprise of public sector banks, private sector banks, foreign banks having offices in India, co-operative banks, regional rural banks and all India financial institution. Currently it has 237 members from banking sector operating in India.

Month: Categories: Business, Economy & Banking

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