From left to right: Suryakant Kakade, Chairperson of Suryakant Kakade and Associates, and Dr. Vijay Kalantri, Chairman of WTC Mumbai and President of All India Association of Industries (AIAI), standing; Hon’ble Union Home Minister Shri Amit Shah, Hon’ble Chief Minister of Maharashtra Shri Devendra Fadnavis, and Hon’ble Deputy Chief Minister of Maharashtra Shri Eknath Shinde at the FE Best Banks Awards.
Hon’ble Union Home Minister of India, Shri Amit Shah, sharing insights at the event
“The remarkable reduction of NPAs from 19% to 2.5% and the opening of over 53 crore bank accounts in the last decade stand as testament to the transformative banking reforms under the Modi government,” said Hon’ble Union Home Minister Amit Shah at the FE Best Banks Awards”
World Trade Center Mumbai partnered with Financial Express as a co-presenting partner for India’s Best Banks Awards, a prestigious event that honoured excellence in the Indian banking and financial sector. The awards recognized institutions for their outstanding performance, resilience, and innovation. The ceremony was graced by Hon’ble Union Home Minister of India, Shri Amit Shah, as the Chief Guest, adding to the prestige of the occasion.
Hon’ble Chief Minister of Maharashtra, Shri Devendra Fadnavis, and Hon’ble Deputy Chief Minister, Shri Eknath Shinde, were also present among the distinguished dignitaries, reflecting the significance of the event at both the national and state levels.
The FE Best Banks Awards are among the most esteemed recognitions in the Indian financial landscape, celebrating the contributions of top-performing banks, non-banking financial companies (NBFCs), FinTech firms, and small finance banks that have played a pivotal role in India's economic growth.
As co-presenting partner of this prestigious event, WTC Mumbai reaffirmed its commitment to fostering excellence in banking and finance, which is necessary to support investment and inclusive growth. India's financial institutions play a crucial role in empowering entrepreneurs, businesses, and industries, contributing to wealth generation, job creation, and technological advancements.
During his keynote address and in conversations with Shyamal Majumdar, Editor, Financial Express, and Rishi Raj, Executive Editor, Financial Express, Hon’ble Union Home Minister Amit Shah highlighted the transformative impact of the NDA government’s banking reforms, noting a sharp decline in non-performing assets (NPAs) from 19% to 2.5% over the last decade. On GST 2.0 reforms, Shah credited the Modi government for ensuring 14% growth guarantees to states, building trust in the system. He added that the simplified tax structure has reduced the compliance burden, curbed tax evasion, and benefited consumers through more transparent pricing and lower costs. On foreign relations, he shared that India-US economic talks are in their final stage, with a deal progress expected to be announced within a week.
Shah also touched on key economic priorities, stating that India will continue buying oil at the best global rates, not limited to any one source. He stressed the government’s partnership with the private sector to enhance skilling and R&D and noted that FDI into India has increased by 14% despite a global slowdown. Looking ahead, he identified green growth and defence manufacturing as major drivers of economic expansion and urged Indian banks to scale up, saying, “Indian banks should aim to be among the top banks globally.”
At the FE Best Banks Awards 2023–24, Amitabh Chaudhry, MD & CEO of Axis Bank, was named Banker of the Year. Kotak Mahindra Bank, led by Ashok Vaswani, won Private Bank of the Year, while Bank of Maharashtra, under Nidhu Saxena, was awarded Public Sector Bank of the Year. The Lifetime Achievement Award went to Shyam Srinivasan, former MD & CEO of Federal Bank, for his contributions to the sector.
WTC Mumbai remains dedicated to facilitating initiatives that encourage a business-friendly environment, drive financial innovation, and promote economic empowerment across India. The organization takes immense pride as a co-presenting partner at the FE Best Banks Awards and remains committed to strengthening the financial and economic landscape of the nation.
Commenting on the awards, Dr. Vijay Kalantri, Chairman of WTC Mumbai and President of All India Association of Industries, praised the banks honoured with this prestigious award, acknowledging their role in setting industry benchmarks. He underscored the importance of a strong and resilient banking sector to facilitate credit flow, support investment, and enhance capacity building.
Dr. Kalantri emphasized the crucial role banks play in meeting the credit needs of industries, particularly micro, small, and medium enterprises (MSMEs). He stated, “Banks serve as a vital bridge in fulfilling the credit requirements of industries, especially MSMEs, which need affordable financing to expand production capacity and sustain working capital.”
He also highlighted the digital transformation efforts undertaken by several banks to enhance operational efficiency and improve customer service. “Banks are increasingly leveraging digital technologies to reduce paperwork and provide instant credit to both MSMEs and large enterprises.
Banks are increasingly playing a pivotal role in capacity building for MSMEs by offering not only affordable credit but also access to digital tools and AI-driven insights. These technologies enable MSMEs to optimize operations, improve financial management, and scale their businesses more effectively, he noted.
Dr. Kalantri acknowledged the significant transformation in banking operations in recent years, with new-age banks driving efficiency through digital banking, branchless banking, and cashflow-based lending models. Additionally, he pointed to the growing collaboration between FinTech companies, non-banking financial companies (NBFCs), and banks, which is fostering innovative banking services for both businesses and Individuals.
The FE Best Banks Awards continue to spotlight financial institutions that drive innovation, ensure stability, and serve as pillars of the Indian economy. As a co-presenting partner, WTC Mumbai reaffirmed its commitment to supporting growth-oriented dialogue across sectors.
