The Business Today Banking & Economy Summit recently took place at GIFT City in Gandhinagar, Gujarat. The event brought together prominent figures from the banking and financial services industry, who were honored as part of the BT Best Banks Awards.
Notable attendees at the event included Nitin Gadkari, the Union Minister for Road Transport and Highways, and Bhupendra Patel, the Chief Minister of Gujarat.
The BT-KPMG Best Bank Survey 2023
The 28th edition of the BT-KPMG Best Bank Survey 2023 was conducted as part of the event. This survey recognizes banks that have demonstrated resilience in the face of challenges, innovation in their products and services, talent development, and the utilization of fintech or technology partnerships to prepare for the future.
In the Bank of the Year category, there were joint winners: ICICI Bank and HDFC Bank. Additionally, Uday Kotak, the Non-Executive Director & Founder of Kotak Mahindra Bank, was presented with the Lifetime Achievement Award.
The BT-KPMG Best Bank Survey has been conducted for close to three decades and evaluates banks, non-banking financial companies (NBFCs), and fintech companies using both quantitative and qualitative metrics.
The Winners of the BT Best Banks & NBFCs Awards 2022-23
The winners of the BT-KPMG Best Banks & NBFCs Awards 2022-23 were announced during the event. Here is a list of some of the winners:
- Best Bank in Innovation: Ujjivan Small Finance Bank
- Best Bank in Talent and Workforce: Kotak Mahindra Bank
- Best Bank in Fintech Initiative: Federal Bank
- Best Fintech in Payments: Razorpay
- Best Fintech in Value-added Services: Perfios
- Best Fintech in Lending: Lendingkart
- Best Small Finance Bank: Ujjivan Small Finance Bank
- Best Small Indian Bank: Karur Vysya Bank
- Best Mid-size Indian Bank: Bank of Maharashtra
- Best Large Foreign Bank: JP Morgan
- Best Large NBFC: Bajaj Finance Ltd
- Best Large Indian Bank: HDFC Bank
Please note that this is not an exhaustive list of winners, and there were other categories and winners as well.
Statements from Dignitaries
During the event, several dignitaries shared their views on various topics. Nitin Gadkari, the Union Minister for Road Transport and Highways, spoke about the Infrastructure Investment Trust (InvIT) bonds and their potential to provide an opportunity for the public to participate in the country’s infrastructure development while earning healthy returns on their investments.
Bhupendra Patel, the Chief Minister of Gujarat, credited the banking turnaround to the policies of Prime Minister Narendra Modi. He highlighted the robust performance of banks and NBFCs in contributing to the growth and development of Gujarat. He also mentioned the interest shown by international institutions like the World Bank, New Development Bank, and Asian Development Bank in being a part of India’s growth story.
Dr. Arvind Panagariya, the Chairman of the 16th Finance Commission of India and former Vice Chairman of NITI Aayog, expressed his support for the privatization of public sector banks after the general elections. He emphasized that the current favorable conditions make it a good time to privatize banks and leverage their solid value.
Ashish Chauhan, the MD & CEO of NSE, highlighted the need to benchmark the regulatory framework of GIFT City, where the event took place, against other international financial centers like Hong Kong, Dubai, Singapore, and London. He emphasized the importance of speed and efficiency in the execution of regulatory processes.
Chetan Bhagat, a bestselling author, expressed his belief that GIFT City has the potential to become a financial nerve center like Hong Kong, Dubai, or Singapore. He suggested that offering incentives to financial companies, establishing local courts, and providing infrastructure improvements like bullet trains could contribute to GIFT City’s growth.
Conclusion
The Business Today Banking & Economy Summit and BT Best Banks Awards celebrated the achievements of banks and financial institutions. The event recognized the resilience, innovation, and talent development demonstrated by the winners. Dignitaries shared their perspectives on various topics, including infrastructure investment, privatization of banks, and the potential of GIFT City as a financial hub.
Where is AXIS BANK whose tagline they are customer obsessed bank….his MD has to introspect about the type environment they have created internally/externally….
Where is Axis Bank position.