If thereís one trophy that banks in India would give anything for, itís an FE Best Banks Award. Over the years, FE Best Banks Awards have recognised the achievements of banks, not simply by the profits they have turned in.
Speaking about the awards, Shikha Sharma, CEO & MD, Axis Bank, whose bank has frequently been on the podium, said: ďI would like to congratulate FE...for the ĎBest Banks Awards' which has grown in reputation and stature.Ē
In a year when new banks are around the corner waiting for an RBI nod, the FE Best Banks awards evening creates even more of a buzz among the informed. It also gives an indication of which ones will be the toughest in their pack that the new banks will have to watch out for. Banks are recognised for the quality of their balance sheets, how fast they have grown, how efficient they have been with their funds and how robust their business model is.
The winners for 2009-10 are Corporation Bank, Yes Bank, DBS Bank and J&K Bank, to name a few. Some more will join the list based on their performance in 2011-12. And then there are the individual performances: FE Best Banks has always believed in recognising the contributions made to the Indian banking industry by the likes of a Dr C Rangarajan or a KV Kamath. This time around, the blue riband of the evening will again be the Lifetime Achievement Award. Keeping company with the illustrious award will be the one for FE Best Innovator and the FE Best Banker of the year.
The endeavour, over the years, in evaluating the performance of the banks has been to ensure that there is, as far as possible, a level playing field; after all, there could be legacy issues and moreover, itís a fact that public sector banks do operate with several constraints compared to their private sector peers. Since numbers do play a big part, consultancy firm Ernst & Young makes sure the weightages assigned to various parameters are fair. With the criteria tough, only the very best make the cut. This time, HDFC Bank and Standard Chartered Bank are among those who have passed muster.