On July 25 2009, finance minister Pranab Mukherjee made his maiden visit to Mumbai after taking over reigns at North Block, in the second UPA innings. The occasion was the Fe Best Banks Awards. As corporate India held its collective breath, the finance minister used the occasion to spell out his priorities in the new government.
On that occasion, the stage was set for an evening where the cream of Indian financial sector gathered at the rebuilt Taj Mahal to salute the heroes of the carnage of 2611 and then the best performers among their peers in the banking sector. The loudest applause was reserved for the Lifetime Achievement award that went to KV Kamath. Among others he was feted by the other doyen of Indian finance, Deepak Parekh on the occasion. As the curtain goes up on another evening in Mumbai on Tuesday the collective wows will be reserved for the next titan who walks up to receive the award from the finance minister.
The significance of the Awards has grown dramatically every year since 1996-97, when the Fe Best Banks Survey rolled out. Even as the economy went into a downslide, plans were already afoot to give it more breadth. So as the turnaround in the economy gained ground, the first set of awards was immediately rolled out, in April 2003. It has never looked back since then.
Along with the knowledge partner Ernst & Young, the awards now straddle 13 categories covering the best of Indian banking. To this list we have added three special awards?Lifetime Achievement, the Best banker of the year and the Best Innovator of the year.