MUMBAI: Union Bank of India managing director and CEO Rajkiran Rai G has been elected as the new chairman of Indian Banks' Association (IBA) for the term 2020-21.

The managing committee of IBA held its meeting on 16 October to elect its chairman.

State Bank of India chairman Dinesh Kumar Khara has been elected as the deputy chairman of the association for the same period.

IBA is an association of banks and other entities in the banking ecosystem. Formed on 26 September 1946 with 26 members, its total membership has increased to 247.