Mumbai, Oct 20 (PTI) The Indian Banks' Association (IBA), an industry body consisting of all the banks including foreign lenders with branches in India, will meet on Friday to elect its new chairman.

As per convention, sources said, the senior most managing director of a public sector bank is elected as chairman for a period of one year.

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Currently, Punjab National Bank (PNB) Managing Director A K Goel is the chairman of the lobby group.

Usually, the chairman does not get a second term.

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Considering the ensuing wage revision talks and other crucial issues in the banking industry, it is being keenly watched who will take over the mantle from Goel.

Formed in 1946 with 22 members, IBA now has 237 members and associates, according to its website.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)