Embracing Excellence: Mint BFSI Summit and Awards Honor Financial Sector Titans

Mumbai, India – The Mint Annual Banking Conclave, now known as the Mint BFSI Summit and Awards, is celebrating its 16th year by recognizing excellence in the financial sector. On January 11th, a jury of respected figures in the industry will bestow 14 awards to deserving recipients.

The distinguished five-member jury consists of R. Doraiswamy, managing director of Life Insurance Corporation; Cyril Shroff, managing partner of Cyril Amarchand Mangaldas; Keki Mistry, additional and non-executive (non-independent) director of HDFC Bank; Amish Mehta, managing director and chief executive of Crisil Ltd; and Nithya Easwaran, managing director of Multiples Alternate Asset Management Pvt. Ltd.

Mint collaborated with howindialives.com and Fisdom as knowledge partners for this event. The jury was presented with a comprehensive analysis of rankings and data in various categories. Additionally, they incorporated qualitative and market intelligence factors to determine the winners. The closed-door meeting, lasting nearly two hours, involved intense deliberation among the jury members. To maintain impartiality, certain members recused themselves in specific segments to avoid conflicts of interest.

The rankings based on data were not the sole determinant of winners. In some categories, the jury opted for the second or even third-ranked contenders, as they believed them to be qualitatively superior. Surprisingly, the number four candidate emerged as the winner in one of the categories.

Neither Mint nor their knowledge partners had any influence over the selection of the winners. The award categories included large bank, mid-sized bank, small bank, small finance bank, large non-banking financial company (NBFC), mid-sized NBFC, small NBFC, large life insurer, mid-sized life insurer, large non-life insurer, mid-sized non-life insurer, standalone health insurer, actively managed equity mutual fund (MF), and actively managed fixed income MF.

The jury unanimously decided to exclude three categories from the awards. The first two categories were the best fintechs in online payments and digital lending, as there was insufficient data available. The third excluded category focused on fund houses based on innovation, where the jury deemed that scheme returns should surpass a certain threshold.

According to Nithya Easwaran, jury member and managing director of Multiples Alternate Asset Management Pvt. Ltd., the deliberation process involved a combination of data-driven analysis and subjective factors such as digital adoption, governance, inclusion, and reputation.

These awards play a significant role as India strives to achieve its $5 trillion GDP target, with the financial services industry being integral to economic growth. Amish Mehta, managing director of Crisil Ltd, emphasized the importance of debt in the growth journey and the crucial role of the BFSI sector.

Recognizing the contributions of the BFSI sector not only motivates financial players but also encourages them to provide better services for the nation. The awards hold prominence in the pursuit of India’s $5 trillion target, considering the favorable conditions in the country. Cyril Shroff, managing partner of Cyril Amarchand Mangaldas, expressed confidence in the growth trajectory ahead and the impetus the awards would provide to industry players.

In summary, the transformation of the Mint Annual Banking Conclave into the Mint BFSI Summit and Awards marks its 16th edition. Accompanied by a reputable jury, the event seeks to honor outstanding performers in the financial sector. The recognition of excellence aligns with India’s ambition to achieve a $5 trillion GDP and emphasizes the significance of the BFSI segment in attaining this goal.