Union finance minister Arun Jaitley will give away the country’s most coveted banking awards — FE Best Banks Awards — in India’s financial capital today. Applauding the winners will be the who’s who of the banking and corporate worlds. The winners were picked by a high-powered jury chaired by S Ramadorai, adviser to the PM, National Council on Skill Development, in a keenly fought contest. Helping them with the number work was the team from EY.
Here are live updates from the event:
8:05 PM: Aditya Puri – Work is the only rubber ball in your life; there are other more important ones like your own health and family. If you lose your job, you will get another one. So strike a balance.
8:03 PM: Aditya Puri – We have changed our payments system, everything is at the click of a button
8:02 PM: Aditya Puri – We want to take cutting edge projects to every corner of India. Reliance Jio annoucement today is music to our ears
8:00 PM: Aditya Puri – We do think India will grow well; India will also leap-frog into a digital revolution
7:58 PM: Aditya Puri – The Finance Minister touched upon the fact that the world is changing
7:50 PM: Romesh Sobti – FY15 was when the tough times really began, it was about managing well, it’s a team effort
7:49 PM: Banker of the Year for 2014-2015 is Romesh Sobti, MD of IndusInd Bank
7:47 PM: Uday Kotak: India of the future needs huge capacity building and skilling
7:46 PM: Uday Kotak: I look at as our development as a part of the development of India’s financial sector
7:45 PM: Banker of the Year for 2013-2014 is Uday Kotak, MD of Kotak Mahindra Bank
7:42 PM: Special Initiative Award for 2014-2015 goes to Bandhan Bank
7:40 PM: Efficiency award goes to Citibank (2013-2014) and Deutsche Bank (2014-2015)
7:36 PM: Profitability award goes to HDFC Bank (2013-2014) and Citibank (2014-2015)
7:35 PM: Best Foreign Bank – Citibank for 2013-2014 and Deutsche Bank
7:32 PM: New Private Sector Bank award goes to HDFC Bank
7:27 PM: FM Arun Jaitley is now presenting the awards
7:22 PM: FM Arun Jaitley – We have already decided that for the purpose of calculation of FDI, the NRI investment should be treated as domestic
7:21 PM: FM Arun Jaitley – There are only 25 crore families in India, and even lesser number of PAN cards
7:20 PM: FM Arun Jaitley – India has to be brought into a new mode; the desire should not be to evade tax, the GST is a step in that direction
7:18 PM: FM Arun Jaitley – I don’t want to comment on what is going on domestically in US. The debate around the US elections is about the developed world becoming more protectionist.
7:17 PM: FM Arun Jaitley – Government is open to privatisation option for loss making PSU companies
7:16 PM: FM Arun Jaitley – Required number of states have cleared GST Constitution Amendment Bill
7:15 PM: FM Arun Jaitley – GST Bill can now go for Presidential assent
7:14 PM: FM Arun Jaitley – NIIF head to take over position in next few days
7:08 PM: FM Arun Jaitley – In the construction sector, we are empowering the public sector servants (talks with reference to recent construction sector measures cleared by the Cabinet)
7:07 PM: FM Arun Jaitley – You cannot blame a public sector servant for a correct decision that turns out to be wrong with time, in retrospect.
7:06 PM: FM Arun Jaitley – As far as banks are concerned, I had mooted an idea where I had asked for an amendment to the Prevention of Corruption Act. The flaw is that an erroneous decision was also treated as a corrupt decision.
7:05 PM: FM Arun Jaitley – As far as financial services are concerned, the list of participants has widened; the way the activity is expanding, there is enough to keep everybody in space as well. The banking opportunities in India are huge
6:57 PM: FM Arun Jaitley – The Hotel PSUs are already in the process of being privatised
6:56 PM: I think the national parties have to play a more responsible role. But, in the case of GST, it is the regional parties who responded positively
6:55 PM: FM Arun Jaitley – The time schedule of GST rollout will depend on how easily we can come up with solutions to these questions
6:54 PM: FM Arun Jaitley – You cannot ask for extra large revenue, because that would impact the customer
6:53 PM: It has to be a fair rate; which is one that empowers both the state and central government
6:52 PM: FM Arun Jaitley – There is still some work to be done on GST; issues include the fixation of the GST rate itself, how dual control will be managed, how exemptions will be taken care of (both issue and area based)
6:51 PM: FM Arun Jaitley – Today most of the states have ratified the GST
6:50 PM: FM Arun Jaitley – Constitutional hurdles on GST have been cleared
6:49 PM: FM Arun Jaitley – Once some sectors that are ailing improve, we will see a change for the better
6:48 PM: FM Arun Jaitley – RBI has come out with more flexible policies in order to empower the banks
6:47 PM: FM Arun Jaitley – Interventions have been made where business environment has been impacted
6:46 PM: FM Arun Jaitley – We are conscious of the fact that there are a lot of sectors in which government intervention is required
6:45 PM: QnA with FM Arun Jaitley begins
6:42 PM: Viveck Goenka, Chairman & MD, Express Group – For us Mr Jaitley is not a Union Minister, but an invaluable friend, philosopher and guide
6:41 PM: Viveck Goenka, Chairman & MD, Express Group – The Lifetime Achievement Award goes this time to Mr Aditya Puri, who as figures show runs a top notch bank
6:40 PM: Viveck Goenka, Chairman & MD, Express Group – We have a special initiative award for taking beyond the banking numbers; SBI has done a remarkable job on this
6:39 PM: Viveck Goenka, Chairman & MD, Express Group – Disruptive technologies are transforming the banking space
6:38 PM: Viveck Goenka, Chairman & MD, Express Group – Bankruptcy law is one of the most significant reforms we have seen
6:37 PM: Viveck Goenka, Chairman & MD, Express Group – The winners today tell us the story of overcoming challenges
6:36 PM: Viveck Goenka, Chairman & MD, Express Group – Aspiration is an article of faith, and achievement is not a luxury, but an absolute necessity
6:35 PM: Viveck Goenka, Chairman & MD, Express Group – I thank this formidable and generous jury has become the benchmark in the industry
6:34 PM: Sunil Jain – We are on the threshold of banking revolution
6:33 PM: Sunil Jain – If we are able to link everything to Aadhaar, it is a Rs 2,000 or Rs 3,000 crore market for banks
6:32 PM: Sunil Jain – We are a very very underbanked country, which is why the PM came up with the Jan Dhan Yojana
6:31 PM: Sunil Jain – We have a panel discussion on Fin Tech – do not underestimate the power of the traditional bank, the branch network is very important
6:30 PM: Sunil Jain – PSUs may not beat private sector banks; but they are getting a good chance with the Banking Board Bureau
India’s Best Banks survey was launched in 1997 and every year fetes banks that have delivered exemplary performance on various parameters including growth, profitability, strength & soundness amongst others.
The survey differentiates between the various categories of banks – public sector, private sector: old and new and foreign banks – in recognition of their differing operating environments and awards those institutions that have maximized stakeholder value.