The Indian Banks' Association has selected Mr M. D. Mallya, Chairman and Managing Director, Bank of Baroda as the new chairman.

Mallya comes to the post in succession of Mr O P Bhatt, Chairman of State Bank of India who is going to retire on March 31, 2011.

Mr. Mallya's formal appointment to the post of IBA chief will take place in the next annual general meeting of IBA on May 27.

The committee has also appointed Mr K. R. Kamath, CMD, Punjab National Bank, as Deputy Chairman of the Association in place of Mr Mallya. Amongst other Deputy Chairmen of the Association include Mr Aditya Puri, Managing Director, HDFC Bank Ltd, and Mr Alok Misra, Chairman and Managing Director, Bank of India.