The biggest names from the world of finance, industry and politics will descend on Mumbai on Thursday to celebrate the finest India’s banking sector has to offer, as the best among the banks doing business in the country are feted at the FE India’s Best Banks Awards.From corporate chiefs to thought leaders and some of the biggest dealmakers in the financial circuit, the evening will see these top names come together to toast the achievers in the banking world. Thursday will be a crucial day in the CEOs’ calendar, also because finance minister P Chidambaram, as chief guest for the event, will give away the awards and share his thoughts on the world of finance and the economy with the gathering. And that will not be all: a Marathi translation of Chidambaram’s book, A View from the Outside: Why good economics works for everyone, will also be presented to Vijay Kelkar, chairman, Finance Commission, at the function.The awards function, a culmination of an annual survey brought out by FE in conjunction with its knowledge partner Ernst & Young, will also see key thought leaders and bankers deliberating on the crucial subject ‘Banking for the Billion’, at a panel discussion. The panel will include the likes of Chanda Kochhar, deputy managing director, ICICI Bank; Sanjay Nayar, chief executive, India, Citigroup; U C Sarangi, chairman, Nabard; senior Left politician Nilotpal Basu; Punjab National Bank chairman K C Chakrabarty; and Indian Bank chairman M S Sundara Rajan.The winning banks for FY07 have been selected by way of a rigorous process of number crunching by E&Y, and cut across four categories: nationalised banks, old private sector banks, new private sector banks and foreign banks. Banks will also be awarded on the basis of five key parameters: strength and soundness, growth, profitability, efficiency and credit quality.While Indian Overseas Bank tops the nationalised banks category, Indian Bank and State Bank of Hyderabad are joint second. Karur Vysya Bank and Federal Bank are the two winners in the old private sector bank category, while Axis Bank and HDFC Bank are joint winners of the top slot in the new private sector banks segment. Bank of America is the top foreign bank, while HSBC is second in the category. Among the parameters, Canara Bank tops in strength and soundness, while Deutsche Bank tops in growth. The profitability parameter has Standard Chartered Bank as the winner, while BoA tops in the efficiency stakes too. The private sector YES Bank is the winner in the credit quality category.
