He was elected to the post by IBA Managing Committee at its meeting held here.
Rishi took charge from Ashwani Kumar, Chairman and Managing director of Dena Bank, the apex body representing bank management said in a statement.
SBI chief Arundhati Bhattacharya, ICICI Bank Managing Director & CEO Chanda Kochhar and Union Bank Chairman and Managing Director Arun Tiwari were elected Deputy Chairpersons of IBA for the current fiscal.