The Indian Banks’ Association (IBA), which started about 71 years ago, has appointed its first woman chairman, reported ET. Usha Ananthasubramaniam, the Managing director of Allahabad Bank, has broken the glass ceiling in the finance industry by becoming chairman in one of the oldest foundations of independent India.

Fortune India also listed Ananthasubramaniam as the 19th Most Powerful Woman in business in India

The industry body of banks announced recently that a managing committee has decided to appoint Ananthasubramaniam as chairman until August this year. The former MD of Allahabad Bank will retire on August 31.

Starting her career more than three decades from Bank of Baroda as a specialist officer in its planning stream, Ananthasubramaniam has come a long way. Fortune India listed her as the 19th Most Powerful Woman in business. She also joined the Bhartiya Mahila Bank for which the Ministry of Finance nominated her as leader of the core management team formulated by them for coordinating the process of establishing the Women’s Bank.

ALSO READ: How the Bhartiya Mahila Bank is an agent of change

It was only in May last year when Ananthasubramaniam joined Allahabad Bank as its CEO. Before that she was running the Punjab National Bank’s operations as its Chief Executive Officer. But due to a reshuffle in May, Sunil Mehta, who was executive director at Corporation Bank, took charge at PNB. At PNB, Ananthasubramaniam was recognized as Executive Director, Member of Share Transfer Committee, Member of Audit Committee and Member of Customer Service Committee, among many other roles.

Other than Ananthasubramaniam, IBA committee also chose Chairman Rajnish Kumar as Deputy Chairman.

The last Chairman of IBA superannuated on December 31, 2017. IBA — as the industry body of all banks — focuses on promoting and establishing a record of sound and progressive banking principles. It also formulates practices and conventions to contribute to the developments of creative banking in the country.

Picture Credit- Governance Now

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