IBA To Submit View On Benchmark PLR Soon

Mumbai, Sept 25: | Updated: Sep 26 2003, 05:30am hrs
The Indian Banks Association (IBA) has set up a committee to work on the benchmark prime lending rate (PLR) and will submit its view to the Reserve Bank of India (RBI) within 10 days, V Leeladhar, who has been elected as the new chairman of IBA said on Thursday.

Mr Leeladhar, who is also the chairman and managing director (CMD) of Union Bank of India, took charge of IBA on Thursday, after Dr Dalbir Singh, the previous chairman stepped down after a two-year period.

The IBA managing committee in its meeting on Thursday also elected RV Shastri, CMD of Canara Bank, Niall SK Booker, chief executive officer of HSBC and AG Joshi, CMD of Dena Bank as deputy chairmen.

The IBA will work on bringing in greater transparency, corporate governance and fair practices in the banking industry, Mr Leeladhar said. He has also mentioned that the IBA has proposed to emerge as a self regulatory organisation. Then it will be helpful implementing better practices and discipline.

On the eight bipartiate wage negotiation, he is expecting to come to a decision within a two-months time.

Full computerisation and higher mobility among employees are the key points of discussion with the unions, he pointed out.