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ICICI Banking Corp joins IBA
Paramvir Singh
MUMBAI, Mar 19: The ICICI Banking Corporation has been given the ordinary membership status of the Indian Banks' Association (IBA), signalling greater representation of the new private sector banks in the premier bankers' body.According to a senior IBA oficial, the association's ordinary membership now stands at 120. The list includes 27 public sector banks, 30 foreign banks and 36 cooperative banks, apart from 27 private sector banks (including HDFC Bank and IndusInd Bank).This apart, IBA also boasts of 52 associate members on its rolls, which, unlike the ordinary members, do not have any voting rights. Incidentally, only those banks covered under the Banking Regulation Act that have a working capital of over Rs 50 crore are eligible to become ordinary members of the IBA.In the past few decades, the IBA has done some pioneering work in its regulatory and advisory capacity and also in wage negotiation with bank unions on behalf of its member banks. But today's increasingly competitive Indian bankingsector will require the IBA to significantly spruce up its operations and be more proactive in promoting a healthy financial sector, industry sources said. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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