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 2011’ in Mumbai. The occasion also marked the launch of the fifth edition of D&B India’s study on ‘India’s Top Banks 2011’ by R Bandyopadhyay, IAS (Retd.), Former Secretary, Ministry of Corporate Affairs, Government of India.
S S Tarapore, renowned Economist, Arun Jain, Chairman & CEO, Polaris Software, M Narendra, Chairman & Managing Director, Indian Overseas Bank, Antony Jacob, Chief Executive Officer, Apollo Munich Health Insurance Company ltd and Dr. Alok Bharadwaj, Senior Vice President, Canon India delivered the key note address at the event.
Speaking at the awards, Mohan Ramaswamy, COO, Dun & Bradstreet India said, “In the last few years, the banking sector has seen numerous changes due to economic and regulatory reforms aimed at improving the transparency and efficiency of the banking system. Continued efforts at improving the stability of the Indian banking sector has helped the sector grow in strength over the years. Through ‘India’s Top Banks 2011’ and the ‘Dun & Bradstreet – Polaris Software Banking Awards 2011’, we have attempted to encapsulate the key traits of this important industry.”
“Our study revealed that FY11 saw the strongest credit growth in the last three years. Total bank lending in FY11 grew a robust 24.2% to reach Rs 42.6 trillion, which exceeded the RBI’s growth projections of 20% for non-food credit. The incremental credit growth was driven mainly by credit demand in major sectors such as commercial real estate, infrastructure and personal loans. The growth in the personal loan segment was attributable to consumer durables, housing and vehicle loans. Additionally, bank lending to NBFCs also witnessed a sharp rise in FY11.”he added.
Speaking on the occasion, Arun Jain, Chairman & CEO, Polaris Software, said,” For banks to leap from local to global business landscape what is going to be extremely crucial is its focus on creating the highways for growth, a Financial Technology Infrastructure. The future of Banking (Banking 3.0) will need to be Agile, it will have to have the capability of (1) Non-disruptive Integration with existing and legacy systems (2) Ease of usage (3) Ease of Change and (4) Ease of implementation of Regulatory and Risk frameworks.
As technology requirements are moving rapidly from mere functionality to Architecture, Agility and Addictive Technologies, Banks with their technology partners have a huge opportunity to make a powerful impact and move towards profitable growth.”
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