M V Nair likely to be IBA Chairman

Union Bank chief M V Nair is tipped to become Chairman of the Indian Banks' Association, with Punjab National Bank CMD K C Chakrabarty, originally slated to head the banking body, now taking over as Reserve Bank Deputy Governor.

Nair, being the senior most Deputy Chairman of the IBA after Chakrabarty, is likely to be elevated as IBA Chairman, banking sources told PTI.

Chakrabarty was appointed IBA Chairman last Monday to take over from T S Narayanasami, who superannuated last month. Before Chakrabarty could assume charge, he is being appointed as RBI Deputy Governor.

The IBA's board is expected to meet soon to consider and approve the appointment of M V Nair as the new head. The IBA is the national body of banks operating in India -- private, public and foreign.

Apart from Nair, the other two Deputy Chairmen of the IBA include SBI Chairman O P Bhatt and HDFC Bank Managing Director Aditya Puri.