In an era of tightening liquidity, fluctuating interest rates, and evolving regulatory norms, the BT-KPMG Survey of India’s Best Banks and NBFCs for 2023-24 on Thursday brought together and honoured financial institutions that have not only withstood these pressures but have excelled through innovation and resilience.
Among this year’s top honoree is Dinesh Kumar Khara, former Chairman of SBI (Oct 2020 – Aug 2024), who has been conferred with the Lifetime Achievement Award for his transformative leadership. Under his tenure, SBI’s profits tripled to ₹61,077 crore, net NPAs were reduced to 0.57%, and the bank consolidated its position among the top 50 banks globally while driving India’s largest banking mergers and digital transformation initiatives.
The Bank of the Year & Best Large Bank award has been conferred upon ICICI Bank, recognized for its “One Bank, One Team” strategy. Under Managing Director Sandeep Bakhshi, the bank has simplified operations, enhanced customer-centric services, and strengthened its financial position through sustained excellence.
In the NBFC sector, Bajaj Finance has been awarded Best NBFC, standing out for its diversified product portfolio, strong customer focus, and robust digital transformation, leading to consistent expansion in its loan book.
Bank of Maharashtra has emerged as the Best Mid-Sized Bank, excelling in asset quality, profitability, and operational efficiency, solidifying its position as a top performer among mid-sized Indian banks.
In the foreign banking category, JP Morgan continues to lead as the Best Foreign Bank, leveraging technology-driven solutions and deep client relationships to maintain its dominance in India’s investment banking, wealth management, and corporate financing sectors.
Recognizing leadership in workforce management, Mahindra Finance has been awarded Best NBFC – Talent & Workforce for its progressive approach to talent acquisition, training, and development, setting new standards for human capital in the financial sector.
Innovation remains a cornerstone of financial success, and SBI has been acknowledged as the Best Bank in Innovation for its pioneering DigiGOV platform, which has processed over 10 million transactions worth ₹43,000 crore, strengthening the government’s financial ecosystem.
Axis Bank has been recognized as the Best Bank – Talent & Workforce, owing to its exceptional workforce development programs, innovative hiring practices, and commitment to employee excellence.
In the fintech space, MobiKwik has been named Best Fintech (Payments) for revolutionizing digital transactions through seamless QR code interoperability and achieving significant IPO success and profitability.
For fintech lending, Oxyzo (Offbusiness) has secured the title of Best Fintech (Lending), demonstrating remarkable growth in SME financing, asset management, and profitability.
Among small banks, Karur Vysya Bank has been honored as the Best Small Bank for its resilience, customer-centric services, and strategic initiatives in retail and SME banking. Meanwhile, Ujjivan Small Finance Bank has earned the title of Best Small Finance Bank for its commitment to financial inclusion and sustained growth in microfinance and retail banking.
Recognizing advancements in financial innovation, Aditya Birla Capital has been awarded Best NBFC Innovation, leading the way with cutting-edge digital lending solutions that have enhanced accessibility and efficiency in the financial sector.
In the category of Best Value-Added Service, Jocata has been honored for its AI-driven solutions that improve operational efficiencies and strengthen risk management frameworks in financial institutions.
The rankings and awards were determined through a meticulous six-month evaluation process, combining quantitative analysis and expert jury deliberation. The survey assessed 52 scheduled commercial banks (SCBs) between FY21 and FY24, excluding banks involved in mergers, liquidation, or those with an insufficient operational history. Banks were evaluated based on three core parameters—growth, size, and strength—spanning 38 sub-parameters, including asset quality, profitability, and market share.
The event featured 6 power-packed sessions with insights from 13 industry-leading speakers, delivering impactful discussions and valuable takeaways. With Nucleus Software as the Banking and Innovation Partner, KPMG as the Knowledge Partner, and Sofitel Mumbai BKC as the Hospitality Partner, the event brought together over 200 top banking and finance executives, industry stalwarts, and experts. The Summit and Awards Ceremony honored the Best Banks and Best NBFCs, while qualitative awards recognized excellence in innovation, fintech collaboration, and workforce management. Assessments were conducted by an esteemed jury of financial leaders, ensuring a data-driven methodology that highlighted only the most resilient and innovative institutions in India’s banking and NBFC landscape.
The BT-KPMG Survey of India’s Best Banks and NBFCs 2023-24 serves as a testament to the adaptability and excellence of India’s financial institutions, recognizing those that continue to lead the industry through innovation, operational efficiency, and customer-centric strategies.