Competition for the coveted FE Best Banks Awards seems to get keener with each passing year. Contenders need to be not just profitable, cost-efficient and demonstrate their ability to grow, they must have clean balance sheets.
Invariably, the winners are those who also happen to be tech-savvy, customer-friendly and innovative.
This time around, HDFC Bank has been ranked number one in the new private sector bank category with Kotak Mahindra Bank making it to the second spot. Bank of Baroda has been judged the best PSU bank.
“A prestigious award like this motivates us to innovate and evolve, so that we can remain at the forefront of the Indian banking industry’s growth and success and continue to serve various sections of the society at large,” says SS Mundra, CMD.
Ajai Kumar, CMD, Corporation Bank, the runner-up in the PSU category, believes this has been possible only because of high level of commitment and dedication shown by the bank’s lean but energetic workforce. “It is not without reason that we say that Corporation Bank is performing with passion,” says Kumar.
HSBC has bagged the number one position among foreign banks. “We are delighted to have been recognised as the best foreign bank in India. This reiterates our commitment to India and motivates us to further raise the bar on our service standards and offerings for this market,” says Stuart Milne, Group general manager & CEO, HSBC India.
Adds Ravneet Gill, who oversees India operations at Deutsche Bank, a runner-up among foreign banks: “I believe the awards conferred on Deutsche Bank are a recognition of our unwavering client focus, commitment to excellence and the extraordinary talent within the institution.”
The older private sector banks too have proved they can be fleet-footed and turn in robust growth. Tamilnad Mercantile Bank (TMB) has been delivering topline and bottomline growth consistently.
“The bank is delighted to have once again been recognised by FE for its responsible and responsive banking culture. This award goes a long way in boosting our confidence that we are on the right track,” says KB Nagendra Murthy, MD & CEO at the bank.
Runner-up Karur Vysya Bank has proved to be a stiff competitor. “It is a great honour to receive the Best Banks award from FE for three consecutive years now. The credit goes to the staff and loyal customers of the bank,” K Venkataraman, MD & CEO, Karur Vysya Bank, says.
Among the criteria that knowledge partner Ernst &Young put banks through for 2010-11, are strength and soundness, growth, efficiency, profitability and credit quality. While Yes bank has won the award for growth, Standard Chartered Bank had been judged the most profitable bank. Deutsche Bank has been judged the winner for both efficiency and credit quality while the award for strength and soundness has gone to HDFC Bank. The FE Best Banks awards have always lauded banks that excel in attributes otherwise difficult to maintain. The tradition continues.