The Business Today Best Bank Awards were presented in Mumbai yesterday. HDFC Bank has won the India’s Best Bank Award 2004. State Bank of India was reckoned as India’s Biggest Bank – the main parameters being the size of deposits and average working funds, while Citibank NA was honoured as the Most Productive Bank considering the income the bank generates and business per employee.
According to an official communiqué, the business fortnightly recognised HSBC as India’s Safest Bank. The two broad parameters being capital adequacy ratio and loan loss cover. Recognising the most efficient player in the market, the organisers chose HDFC Bank as India’s Most Efficient Bank or the Best Bank. To win this award, HDFC Bank portrayed itself as an aggressive seeker of growth, keeping its costs low and profits high. Kamal Nath, Minister for Commerce and Industry, the Chief Guest for the evening gave away the awards.
The winners were put through a rigorous KPMG methodology to make the final cut. The evening also saw the release of Business Today’s special issue on India’s Best Banks. Felicitating the country’s Best Banks, as revealed by the Business Today- KPMG study, India’s top bankers gathered with bigwigs of India Inc at the venue.
Sanjoy Narayan, Editor, Business Today, was quoted as saying, “The awards are based on the rigorous survey of best banks that we do every year. We hope the survey, which covered 86 banks this year and ranked them in order of efficiency, will spur more competition among banks”.