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BW Businessworld

Recognising The Best

Top bankers and financial experts were present in large numbers at the glittering Magna Awards 2017 event recently in Mumbai

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The much-awaited, prestigious BW Businessworld’s Magna Awards 2017 recognising the top banks and bankers for their immense contribution in the banking space were presented at a glittering ceremony on 16 June which saw banker Arundhati Bhattacharya, Chairperson, SBI being conferred the Lifetime Achievement Award for steering the bank through tough times. Noted economist and former deputy governor of the Reserve Bank of India, Late S. S. Tarapore was also posthumously awarded Lifetime Achievement Award.

HDFC Bank won the BW Businessworld Magna Award 2017 as the country’s best large bank and Romesh Sobti, Managing Director and CEO, IndusInd Bank was awarded Banker of the Year award at the hands of Shri Deepak Vasant Kesarkar, Minister of State for Home, Finance and Planning, Maharashtra.

Giving away the Best Banks Awards for the year 2016-17, Kesarkar said that while the banks are doing their best to facilitate the country’s economic growth, mainly contributed by the business community and industries located in urban and the developed areas, they should also look at the vast unfulfilled needs of the common man.

“The state government of Maharashtra has now proposed a unique project for exploring the untapped opportunities at the rural region of the state identifying the various business and economic opportunities of those regions,” the minister said.

“It would be really great if the banks can create a business plan for supporting these projects that can help progress those regions into the mainstream and collectively contribute to the GDP growth,” he added.

In his address, Anurag Batra, Chairman and Editor-in-Chief, BW Businessworld said, “Banks are doing their best in the kind of atmosphere they are into today. I am sure that the bankers selected by the Jury this year are doing great jobs in their own domain.”

After receiving the Banker of the Year Award, a humble Sobti dedicated it to his whole team. “I could not have achieved this alone,” he said.

The BW Businessworld’s annual Best Banks Survey was done in association with PwC. This year’s survey was the 9th edition, which shortlisted banks based on their financial performance over a three-year period on specific thresholds under four major dimensions — growth, size, sustainability of operations; and risk.

Each of these has sub-dimensions with weights, which ultimately translated into a score, based on which, relative ranking was done. The initial numbers-based survey was evaluated by an external jury to pick the winners.

The award categories include the Best Growing Medium-Sized Bank, Best Growing Small Bank and Best Growing Foreign Bank — all in the growth category; Best Large Bank, Best Medium-sized Bank, Best Small Bank and Best Foreign Bank.

The awardees this year were BNP Paribas in the Best Growing Foreign Bank category, RBL

Bank (Best Small Growing Bank), Kotak Mahindra Bank (Best Midsize Growing Bank), Bank of America-Merrill Lynch (Best Foreign Bank), DCB and City Union Bank (Best Small Bank), Yes Bank (runner up in the Best Mid-Size Bank), Karur Vysya Bank (runner up in the Best Small Bank), IndusInd Bank (Best Midsize Bank) and ICICI Bank, (runner-up in the Best Large Bank).

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Magna Awards Magazine 8 July 2017 banking sector