|HDFC Bank Limited wins top honours at the Dun & Bradstreet – Polaris Software Banking Awards 2010|
|Dun & Bradstreet releases study on India’s Top Banks 2010|
|Mumbai, 18 Aug 2010
Mumbai, August 18, 2010: Dun & Bradstreet (D&B), the world’s leading provider of global business information, knowledge and insight, today announced and presented the ‘Dun & Bradstreet – Polaris Software Banking Awards 2010’ in Mumbai. The occasion also marked the launch of the fourth edition of D&B India’s study on India’s Top Banks 2010 by Mr M Damodaran, former Chairman, Securities and Exchange Board of India.
Mr Arun Jain, Chairman and CEO, Polaris Software Lab Ltd., Mr Arun Das, Vice President & Business Head (BFSI), Enterprise Services, Bharti Airtel Limited and Mr K.M.Nanaiah, Managing Director, Pitney Bowes India Pvt Ltd. delivered the key note address at the event.
Speaking at the awards, Mr. Kaushal Sampat, President & CEO – India, Dun & Bradstreet said, “The Indian banking industry is entering into an exciting growth phase. Continued efforts towards achieving better asset quality, transparency, capital adequacy, strong corporate governance, coupled with a sagacious regulator have helped the Indian banking system remain largely untouched by the global financial crisis. Through ‘India’s Top Banks 2010’ and the ‘Dun & Bradstreet – Polaris Software Banking Awards 2010’, we have attempted to capture the essence of this important industry.”
“The banks in our study witnessed a slightly subdued but respectable growth in total business in FY 09 while business generation tilted in favour of PSBs. Profitability though was a different story. Private sector banks outperformed their public sector counterparts in the area of profitability. As a part of the publication, Dun & Bradstreet also conducted a separate survey to assess the views of the Indian banking industry on different aspects. With increasing emphasis of the RBI on financial inclusion, most banks surveyed opined that providing “no frills account” and “financial training and advice” are most relevant in this context. While a majority of the banks indicated that “microfinance” is an important way to achieve financial inclusion, “sponsoring a micro finance institution” seemed to be relatively lower on the relevance matrix.” he added.
About the Dun & Bradstreet – Banking Awards 2010
The ‘Dun & Bradstreet - Polaris Software Banking Awards 2010’ seek to recognize the growth and resilience of the Indian banking industry. The Awards event is closely tied to the publication, India’s Top Banks 2010. Therefore, the base universe of the banks considered are the top 64 scheduled commercial banks (SCBs) as covered in the publication with total income of Rs. 1,000 million and above.
D&B India developed a proprietary quantitative model based on various parameters for identifying the top banks across the spectrum. The model is based on the twin premise of recognizing the size and growth of the banks. For this purpose, the analyst team identified a number of crucial parameters related to business, profitability, network, priority sector lending, asset quality, global business etc relevant to each award category. The final ranking of the banks was arrived at using a composite score of these weighted parameters. The information has been collated from RBI documents and annual reports of the banks.
India’s Top Banks 2010
India’s Top Banks 2010 captures the development of banking in the country during FY09 and FY10, and evaluates the scheduled commercial banks (SCBs), consisting of 27 Public Sector Banks (PSBs), 21 Private Sector Banks and 16 Foreign Banks with Total Income of Rs. 1,000 million and above.
As part of this study, D&B also conducted a survey to assess the views of the banking industry on various areas of regulations, strategies and future plans. The survey revealed the following –
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