Finance Minister Nirmala Sitharaman to Present FE Best Banks Awards Today

Finance Minister Nirmala Sitharaman to Present FE Best Banks Awards Today

Union Finance Minister Nirmala Sitharaman is set to be the Chief Guest at the Financial Express (FE) Best Banks Awards ceremony today. This prestigious event will celebrate outstanding performances by several of India’s top banks, non-banking financial companies (NBFCs), small finance banks, and fintech companies. Award winners will receive their accolades from the Finance Minister, marking a significant moment for institutions that have excelled in India’s evolving financial landscape.

The awards ceremony comes at a time when India’s financial sector is experiencing robust growth. With low levels of non-performing assets (NPAs) and strong credit expansion, the financial industry is in good health. Minister Sitharaman will address a gathering of leading bankers, corporate leaders, and policymakers at the event, highlighting her role in shaping policies that have strengthened the country’s financial system.

Sitharaman’s Impact on India’s Financial Sector

As Finance Minister, Sitharaman has played a pivotal role in implementing policies aimed at fostering growth and expanding financial inclusion. Her efforts have ensured that banks are well-capitalized, allowing them to provide credit to key sectors, including underserved communities. The success of the Pradhan Mantri Jan Dhan Yojana (PMJDY), which aims to expand financial access, is evident in the 531 million operational Jan Dhan accounts holding cumulative deposits of ₹2.31 lakh crore.

During the COVID-19 pandemic, Sitharaman led the government’s efforts to provide financial support to banks through initiatives such as the Emergency Credit Line Guarantee Scheme (ECLGS), ensuring liquidity during difficult times. Another major milestone under her leadership was the consolidation of 27 public sector banks into 12, a move aimed at improving operational efficiency and enhancing their financial health.

The Finance Minister has also introduced key amendments to the Insolvency and Bankruptcy Code (IBC), streamlining corporate insolvency resolutions. Further reforms are in the pipeline to ensure faster resolutions for companies, both small and large, reinforcing India’s commitment to a transparent and effective insolvency process.

Sitharaman’s tenure has seen significant advancements in opening up India’s financial markets to global investors. India’s inclusion in global bond indices is a testament to this, signaling growing investor confidence in the country’s economic future.

Recognising Excellence in Banking and Finance

For nearly two decades, the FE Best Banks Awards have recognised the exemplary efforts of India’s financial institutions and individuals who have contributed to the sector’s growth. This year, the awards continue to acknowledge not just institutions but also individual achievements.

V Vaidyanathan, Managing Director and CEO of IDFC First Bank, has been named the "Banker of the Year" for his leadership and contributions to the banking sector. Dinesh Kumar Khara, the former Chairman of the State Bank of India (SBI), will be honoured with the "Lifetime Achievement Award" for his extensive service and impact on India’s financial industry.

In addition to these honours, awards will be presented in several other categories, including best digital lenders and top financial products. The winners across all categories have been selected by an independent jury that considered a wide range of criteria, including financial metrics and corporate governance practices.

Selection Process and Jury

The award recipients were chosen through a rigorous process overseen by an independent jury, supported by EY, which gathered and validated data from the Reserve Bank of India spanning three years. In addition to financial performance, the jury also assessed corporate governance and other key parameters. The jury for the 2022-2023 awards was chaired by S Ramadorai, former Vice Chairman of Tata Consultancy Services (TCS), and included prominent figures such as Amit Chandra, Chairman of Bain Capital, Pradip Shah, Chairman of IndAsia Fund Advisors, B Mahapatra, former Executive Director of the Reserve Bank of India, and Sharad Sharma, Founder of iSPIRT.

A Celebration of India’s Financial Growth

The FE Best Banks Awards reflect the continued progress of India’s financial sector, which has not only weathered global economic uncertainties but has also emerged stronger. With a robust regulatory framework and innovative banking solutions, the sector is poised for further growth. Under Sitharaman’s stewardship, India’s financial institutions have continued to strengthen, becoming more efficient and globally competitive.

As India’s financial sector continues to evolve, events like the FE Best Banks Awards play a crucial role in recognising the hard work and achievements of institutions and individuals who contribute to the country’s economic success.