Indian Banks' Association (IBA) Code for Banking Practice (hereinafter referred to as the IBA Code/the Code) is issued by the Indian Banks' Association (hereinafter referred to as the Association) which has the concurrence of the Reserve Bank of India.

This is a non-statutory Code issued on a voluntary basis. It is to be observed by the Member Banks in dealing with their personal customers (hereinafter referred to as customers). It covers specifically banking services such as current accounts, savings and other deposit accounts, advances (loans and overdrafts). However, principles of the Code will apply to overall relationship between the Member Banks themselves and their customers.

The recommendations set out in the Code are supplementary to and do not supplant any relevant legislation, codes, guidelines or rules applicable to Member Banks under the Banking Regulation Act, 1949, the Reserve Bank of India Act, 1934, the Negotiable Instruments Act, 1881, the Banking Companies Acquisition and Transfer of Undertakings Act, 1970 and 1980 or any other law in force in India governing the Banking Law and Practice.

The Association experts its respective Member Banks to comply with the Code in letter and spirit and observance/compliance thereof shall be monitored by a Committee to be constituted at the Association.

The Code becomes effective from 1st September, 1999 and would also be subject to review/revision from time to time; at least once in every three years.