Mr. Rai will be the Head of IBA for the term 2020-21. He has replaced Rajnish Kumar as the IBA Chairman after Kumar recently retired as SBI Chief.
Actually, Rajkiran Rai's term as the head of Union Bank of India supposed to be ended in June this year, but the government has extended his term by another two years until his retirement on May 31, 2022. Rai had taken over as the CEO of the Mumbai-based lender on July 1, 2017.
The other office-bearer of the Association elected, Dinesh Kumar Khara, Chairman, State Bank of India (SBI) as Deputy Chairman of the Association for the year 2020-2021.
The Indian Banks' Association (IBA) is an association of banks and other entities in the banking ecosystem in India catering to its members. It was formed on 26 September 1946. The organization is managed by a managing committee, and the current managing committee consists of one chairman, 3 deputy chairmen, 1 honorary secretary and 26 members.