BANKING AFFAIRS

Detailed explanation-1: -RBI advised that the IBA Code for Banking Practice is in order for uniform adoption by the Member Banks. The IBA Code for Banking Practice thus evolved, is an attempt towards fulfilling the above need under the liberalised and deregulated environment, aiming to promote a healthy relationship between the banks.

Detailed explanation-2: -To project a good public image of banking as a service industry and develop good public relations. To promote harmonious personnel relations in banking industry and to devise ways and means for involving banking personnel in the endeavours of banks for growth and development of banking and the economy of the country.

Detailed explanation-3: -IBA is an association of Indian banks and financial institutions. It is the representative body of management of banking in India that is operating in India. Indian Bank Association was formed on September 26 1946, in Mumbai.

Detailed explanation-4: -IBA: Indian Banks’ Association.