Dun & Bradstreet (D&B), the world’s leading provider of global business information, knowledge and insight, announced and presented the ‘Dun & Bradstreet – Polaris Financial Technology Banking Awards 2013’ in Mumbai. The occasion also marked the launch of the seventh edition of D&B India’s study on ‘India’s Top Banks 2013’.
Also present at the event were M Damodaran, Chairman – Excellence Enablers Private Ltd., R Gopalan, Former Secretary – Dept of Economic Affairs, Ministry of Finance, Government of India, Arun Jain, Chairman & CEO, Polaris Financial Technology and SR Iyer, Independent Director on the Board, Writer Corporation among other leading names from the Banking sector.
Speaking at the awards, Kaushal Sampat, President & CEO – India, Dun & Bradstreet said, “There is no running away from the fact that we are battling the toughest domestic economic environment seen in the last 2 years. The uncertain economic situation has posed many challenges to the banking industry. As revealed in our publication, India’s Top Banks 2013, in terms of Total Income, the growth rate of the featured SCBs (scheduled commercial banks) almost halved to 16% in FY 13 compared to the 30% in FY 12. This was on account of interest income registering only 16% growth in FY 13 as compared to 33% growth in FY 12. A similar trend was observed in the Net Interest Margin, which declined from 2.9% in FY 12 to 2.7% in FY 13.”
“However, it is encouraging for all of us to remember that the Indian banking sector has been tested on several occasions in the past as well, but has always come through. This is reflected in our findings based on the primary study in which nearly 33% of SCBs are expecting credit growth in the range of 10 – 15% in FY 14. 50% of SCBs also expressed confidence in bringing down their net NPA levels to less than 1% by end of FY 14.”, he added.