M V Nair likely to be bank body chairman

Union Bank Chairman M V Nair is tipped to become the chairman of Indian Banks’ Association (IBA). Punjab National Bank CMD K C Chakrabarty was originally slated to head the banking body. But now that Chakrabarty is going to take over as Reserve Bank’s Deputy Governor, a hunt was on for the banking body’s top post.

Nair, the senior most Deputy Chairman of IBA, after Chakrabarty, is likely to be elevated as IBA Chairman, banking sources said. Chakrabarty was appointed as IBA Chairman last Monday to take over from T S Narayanasami, who superannuated last month.