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The Indian Banks' Association (IBA) on Thursday elected UCO Bank Managing Director A K Goel as its chairman.

Goel replaces Union Bank Managing Director and CEO Rajkiran Rai G as head of the banking sector association.

The managing committee at its meeting held on October 14 elected new chairman and other office bearers for 2021-22, IBA said in a statement.

Goel has been recommended for the post of the managing director of Punjab National Bank (PNB) by the Banks Board Bureau, last month.

He would assume charge of PNB after clearance from the Appointments Committee of the Cabinet (ACC) headed by the Prime Minister.

The Association elected SBI Chairman Dinesh Kumar Khara, Canara Bank MD L V Prabhakar and IDBI Bank MD Rakesh Sharma as deputy chairmen, it said.

Madhav Nair, country head of Mashreqbank PSC, was elected as honary secretary, it said.

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