ak goel: Indian Banks’ Association re-elects PNB’s AK Goel as chairman

Indian Banks’ Association reelected A K Goel, managing director and CEO of Punjab National Bank as its new chairman, who will serve the industry body for the financial year 2022-23.

The reelection was one of the rare occasions in history when an incumbent IBA chairman obtained a second consecutive term.

Goel was supposedly a unanimous candidate, said a banking source.

“Goel will be able to coordinate with the government better sitting in Delhi,” the person said.

The senior most managing director of a public sector bank is generally elected as chairman for a period of one year.

State Bank of India’s Dinesh Khara has become deputy chairman along with two others including A S Rajeev, MD & CEO of Bank of Maharashtra and Madhav Nair, CEO of Mashreq Bank, a Dubai-headquartered foreign lender.

IBA, an industry body comprising all lenders held a meeting Friday to elect new office bearers. Foreign banks with branches in India are also members of it.

N Kamakodi, CEO of City Union Bank became the honorary secretary of the Association.

India’s banking industry is all geared up for the next level of growth after having dealt with a huge pile of bad loans. While deposits grew 9.6% year-on-year, credit expanded nearly double the pace at 17.9%, show latest data from the Reserve Bank of India.

Outstanding loans for the industry were at Rs 128.6 lakh crore versus Rs 172.7 lakh crore outstanding deposits, show data updated until October 7 this year.