Is IBA a statutory body?

No, Indian Banks Association (IBA) is not a statutory body, it is a voluntary organisation. Indian Banks Association does not have any control over any financial institutions or banks. IBA is not a government authority, it is not a regulator of the Indian banking system, and it is not a Government department. The Indian banking system is regulated by the RBI.

Statutory bodies are established through an act of Parliament of India and IBA was not established through any act of Indian Parliament. You can read about the RBI – Know More About Reserve Bank of India in the given link.

Further readings:

  1. Bad Banks – Idea Proposed by Indian Banking Association (IBA) Due to COVID-19
  2. Indian Economy Notes For UPSC

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