The subscribers to the Memorandum of Association of the Institute,Fellows of the Institute and the authorized representatives of those Banks and Financial Institutions who are admitted by the Council and who contribute to the expenditure of the Institute at the rates determined by the Council from time to time are members of the Institute.

The Council has the power to elect the persons of distinction in banking, economics or other allied subjects, as the Fellows of the Institute. Every member upon his admission as such, shall have to sign a declaration to abide by the rules and regulations of the Institute for the time being in force.

Any member of the Institute may be removed by the Council if he is considered undesirable for the interest of the Institute provided that

(a) the Council shall first call upon him for an explanation of his conduct and shall hear what he may have to say in his defence ;
(b) a meeting of the Council especially held for the purpose ;
(c) at least three-fourths of the members of the Council are present at such meeting ; and
(d) a resolution to that effect is passed by a majority of two-thirds of the members present.
A member may resign from the Institute on giving notice of his intention to do so in writing to the Council.