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Union Finance Minister Nirmala Sitharaman will be the Chief Guest at the FE Best Banks Awards on Tuesday (today). It will be celebration time for many of the country’s banks, non-banking finance companies, small finance banks and Fintechs who have turned in standout performances and will receive their awards from the Finance Minister.
At a time when India’s financial sector is in fine fettle, growing at a brisk pace with low delinquencies, Sitharaman will address the gathering, comprising top bankers and corporate leaders.
Over the past several years, Sitharaman has played a major role in shaping policies for India’s financial sector within the larger framework of driving growth and furthering financial inclusion. The finance minister has worked to ensure that banks are well-capitalised and that credit is channellised to the right sectors, especially the weaker sections of society. The number of operative Jan Dhan bank accounts is an impressive 531 million, with cumulative deposits at Rs 2.31 lakh crore. The financial support to banks during the pandemic via the ECLGS scheme is a great example of how the government has stepped in to help them in difficult times.
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The consolidation of 27 public sector banks into 12 banks was a major step towards making the operations of these lenders more efficient. The many amendments to the Insolvency and Bankruptcy Code (IBC) have made the corporate insolvency resolution process smoother. Further changes are being worked on to ensure that quick resolutions take place for both small and large companies.
Under Sitharaman’s watch, India has further opened up the bond markets to foreign investors by becoming a member of global bond indices.
Financial Express has been applauding the efforts of the best performers in India’s financial sector, for close to two decades now. Apart from acknowledging the exemplary efforts of institutions, the awards also recognise the achievements of individuals. This time around, V Vaidyanathan, MD&CEO, IDFC First Bank, has been adjudged the Banker of the Year while Dinesh Kumar Khara, former Chairman, State Bank of India will walk away with the Lifetime Achievement Award. There are also awards for the best digital lenders and the best financial products.
The winners, across categories have all been selected by an independent jury. The jury was supported by information collated and checked by EY, which is based on three years of Reserve Bank of India data. In addition to financial metrics, other parameters such as corporate governance are also taken into consideration.
For 2022-2023, the jury was headed by S Ramadorai, former VC, Tata Consultancy Services, Amit Chandra, Chairman, Bain Capital, Pradip Shah, Chairman IndAsia Fund Advisors and B Mahapatra, former ED, Reserve Bank of India, Sharad Sharma, Founder ISpirt.
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