Electing Union Bank of India chairman V Leeladhar as the new chief, the Indian Banks Association on Thursday said it has constituted a committee to draw up a long-term perspective 'Vision Plan' for the banking industry.

At the managing committee of IBA held on Thursday, the new chief was elected, replacing Dalbir Singh, Central Bank of India chairman, an IBA release said.

IBA has elected three deputy chairmen -- Canara Bank chairman R C Shastri, HSBC CEO Niall SK Booker and Dena Bank chief A G Joshi, while V K Tauri, managing director of the A P Mahesh Co-op Bank, is the honorary secretary.

On the committee, under the chairmanship of Indian Overseas Bank chairman S C Gupta, to come out with a vision report for the banking industry with a long-term perspective, IBA said it was in view of the sector passing through a critical phase and the present day environment.

The meeting endorsed that IBA would proactively involve in corporate debt restructuring mechanism, asset reconstruction and valuation process.

IBA would also continue to vigorously liaison with the regulators and policy makers on the aspects of monetary policy and budget formulations.