IBA to recast operations

The steering group will be responsible for selecting and coordinating working groups within the IBA, will assist the chief executive in overseeing the working groups and coordinate between the managing committee and the rest of the IBA.

The steering group will be chaired by the chief executive of the IBA and the composition will be based on a balance between asset size and initiatives. Tentatively public and private sector banks will have two members each while foreign banks too will have two members while cooperative banks willhave one member in the group. The meeting of the group is fixed to be held once in a month or more as required.

The IBA will also have a panel of advisors who will be opinion makers and industry leaders from Multi-national companies, public sector companies, small industry and services sector. The panel will also consist of technology specialist, economist, legal, finance advisors and consultants apart from the chief executive of the IBA.

The IBA will recruit four directors who will report to the chief executive along with four deputy directors. The four directors will look after external relations including the government and the Reserve Bank of India, banking services, research and support services like administration accounts and finances along with human resources among other things.

While recruiting the directors, the IBA will delink pay scales from the public sector banks, hire outsiders as well as bankers from within the member banks.

The IBA managing committee has also decided that noadministrative issue related with the IBA will come to the managing committee and the meetings will be held bi-monthly and these meetings will be rotated across cities. The role of the chief executive has also been redesigned. He will now interact with directors to ensure the smooth functioning of the IBA, represent the IBA with the chairperson and manage relationships between the stakeholders of the IBA.