IBA sets up sub-committee to monitor infrastructure projects

Written by Banking Bureau | Mumbai, Aug 27 | Updated: Aug 28 2008, 05:45am hrs
The Indian Banks' Association (IBA), the trade body of bankers, will set up a sub-committee to monitor the infrastructure projects in the country.

One of the members of IBA, who attended the monthly managing committee of IBA, held in Mumbai on Wednesday, told FE on the condition of anonymity that, "We have decided to set up a sub-committee to monitor various infrastructure projects in the country".

The meeting, which was chaired by TS Narayanasami, chairman and managing director, Bank of India, also discussed issues related to the international best practices of urban co-operative banks, so as to include them in the ongoing financial inclusion programme.

IBA had formed a committee on the issue under the chairmanship of VJ Carneiro, who is the chairman of Citizencredit Co-operative Bank.

The committee has submitted its report to IBA. IBA will take the recommendations made by the committee to the Reserve bank of India.

Earlier, the managing meeting was scheduled to be held at Shrinagar vis--vis the Bancon '08. However, later, the venue was shifted to Mumbai, as the Bancon was postponed. Now, the Bancon is likely to be held in New Delhi in October.

The meeting, which was attended by 16-17 heads of banks, also discussed the updates of the debt waiver scheme, which has been implemented by the government.

While meeting the union finance minister, P Chidambaram, recently in New Delhi, the bankers had urged him to pay the interest on the waiver as given by the m, as the entire reimbursement will take almost four years from now.

The bankers are hopeful of getting the first tranche of the reimbursement by next month.

The ongoing UFBU-IBA talk on wage revision of bank employees also came up for discussion during the meeting.