MUMBAI: In a significant development for India's banking sector, C S Setty, the chairman of the State Bank of India (SBI), has been elected as the new chairman of the Indian Banks' Association (IBA). This decision was made during a meeting of the managing committee on Friday, March 28, 2025, and Setty is set to lead the association until the next annual general meeting. The IBA plays a crucial role in representing the interests of various banks across the country.
Alongside Setty, the managing committee also elected several key figures to support him in leadership roles. A Manimekhalai, managing director and chief executive of Union Bank of India, Swarup Kumar Saha, the MD and CEO of Punjab and Sind Bank, and Madhav Nair, country head and India CEO of Bank of Bahrain and Kuwait, were elected as deputy chairmen. This new leadership team reflects a blend of experience and expertise within the banking industry.
B Ramesh Babu, the managing director and CEO of Karur Vyasya Bank, has been appointed as the honorary secretary of the IBA, ensuring that the association has strong administrative support as it navigates the challenges ahead.
The recent election comes on the heels of the last annual general meeting of the IBA, which was held earlier this month in Mumbai, the financial capital of India. The meeting was attended by various dignitaries, including M Nagaraju, secretary of the Department of Financial Services, highlighting the importance of the IBA in the broader financial landscape.
Setty's election as chairman is particularly noteworthy as he steps into a role previously held by MV Rao, the chief executive of the Central Bank of India, who served as chairman during the outgoing financial year. Setty's leadership will be crucial in steering the IBA through the upcoming fiscal year, especially as the banking sector faces numerous challenges, including regulatory changes and evolving market dynamics.
In his new role, Setty is expected to advocate for the banking sector's interests, aiming to foster collaboration among member banks and address pressing issues such as digital transformation and financial inclusion. The IBA serves as a vital platform for dialogue and cooperation among banks, which is essential for the health and stability of the financial system.
The banking sector in India has been undergoing significant transformations in recent years, with a push towards digital banking and enhanced customer service. Setty's experience at SBI, one of the largest banks in the country, will be instrumental in guiding the IBA's initiatives in these areas.
As the new chairman, Setty will also have to navigate the challenges posed by the ongoing economic landscape, which has been affected by global uncertainties and domestic policy changes. His leadership will be closely watched by industry stakeholders as they look for direction and support from the IBA.
The election of Setty and his team marks a new chapter for the IBA, with expectations high for their ability to effectively represent the banking sector's interests and drive positive change. As the financial landscape continues to evolve, the role of the IBA and its leadership will be critical in shaping the future of banking in India.
