The BT-KPMG Survey of India’s Best Banks and NBFCs for 2023-24 has honored the top financial institutions in India that have withstood the challenges of a tightening liquidity, fluctuating interest rates, and evolving regulatory norms. The survey evaluated 52 scheduled commercial banks between FY21 and FY24, excluding those involved in mergers, liquidation, or with an insufficient operational history.
The top honorees include Dinesh Kumar Khara, former Chairman of SBI, who received the Lifetime Achievement Award for his transformative leadership, which tripled SBI’s profits to ₹61,077 crore, reduced net NPAs to 0.57%, and consolidated the bank’s position among the top 50 global banks.
ICICI Bank was recognized as the Bank of the Year & Best Large Bank, while Bajaj Finance was awarded the Best NBFC for its diversified product portfolio, strong customer focus, and robust digital transformation. Bank of Maharashtra emerged as the Best Mid-Sized Bank, excelling in asset quality, profitability, and operational efficiency.
In the foreign banking category, JP Morgan was recognized as the Best Foreign Bank, while in the fintech space, MobiKwik was named the Best Fintech (Payments) and Oxyzo (Offbusiness) was recognized as the Best Fintech (Lending).
Other notable winners include Mahindra Finance, which was awarded the Best NBFC – Talent & Workforce for its progressive approach to talent acquisition, training, and development. SBI was also recognized as the Best Bank in Innovation for its DigiGOV platform, which has processed over 10 million transactions worth ₹43,000 crore.
The survey’s methodology involved a six-month evaluation process, combining quantitative analysis and expert jury deliberation. The event featured six power-packed sessions with insights from 13 industry-leading speakers and was attended by over 200 top banking and finance executives. 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.