Indian Banks Association (IBA) has admitted that it doesn’t have any authority on the Banks and can’t issue direction to the Banks.
Indian Banks Association had sent a legal circular dt.30.09.2019 (A14) to all banks stating that it is a mere voluntary association of banks, it has not authority over banks, it does not issue directions to banks and is a mere facilitator of common purpose of its members and even it does not make any decision in such matters.
Read the legal circular :
