SBI Chairman O P Bhatt has been finally appointed as the new chairman of Indian Banks Association (IBA) for this fiscal.

Bhatt takes over charge from M V Nair, CMD of Union Bank of India.

Nair had cleared it in the beginning of his term only that he will not be serving the post for more than one term as he wanted to focus more on the operations of the bank under him.

HDFC Bank's Managing Director Aditya Puri, Bank of Baroda's Chairman and Managing Director M D Mallya and Canara Bank's Chairman and Managing Director A C Mahajan will seat as Deputy Chairmen.

Rana Kapoor, Yes Bank's Managing Director and Chief Executive Officer, has been elected as Honorary Secretary of the Association.