Dun & Bradstreet India hosts ‘BFSI Summit and Awards 2019’

Mumbai, 22 February 2019: Dun & Bradstreet (D&B), the world’s leading provider of global business information, today honored the exemplary performers of India’s BFSI sector at the annual ‘Dun & Bradstreet BFSI Summit and Awards 2019’.

State Bank of India was awarded India’s Leading Bank (Public) and HDFC was awarded India’s Leading Bank (Private); both retained their last year’s positions. CITI Bank clinched the laurel of India’s Leading Bank (Foreign) category.

Under the categories pertaining to the insurance sector, Life Insurance Corporation of India was adjudged as India's Leading Life Insurance Company (Public), and HDFC Life Insurance Company Limited was awarded India's Leading Life Insurance Company (Private) category. A total of 12 winners across 12 categories were announced.

Thought leaders from the industry deliberated in a panel based on the event’s theme “Fintech & Beyond”. Speaking at the event, Mr. Manish Sinha, Managing Director, Dun & Bradstreet India commented “If we miss the Fintech opportunity, over the next 20 years, there could be a potential loss of Gross Domestic Product (GDP) equivalent to the GDP we have created since independence. The remarkable metrics about the time and cost reduction in the delivery of financial services by Fintech shows how valuable Fintech has been. However, the greater story created by Fintech is about the financial accessibility. New segments of customers are now able to access financial products and break the barriers that have held back the financial development of India. Embracing Fintech will certainly have a high impact on the growth trajectory of India going forward.”

Key Highlights from the Publication

·         Growth of Scheduled Commercial Banks (SCBs) accelerated to 10% in FY18 from 8.2% in FY17

·         Asset quality of banks deteriorated; Gross Non-Performing Advances (GNPA) worsened to 11.2% in March 2018 from 9.3% in March 2017

·         Total number of NBFCs registered decline to 10,190 by September 2018 from 11, 522 in March 2017

·         In FY18, total premium income of India's life insurance industry witnessed a 9.6% increase, at INR 4, 588.1 billion

·         In FY18, total direct premium underwritten by non-life insurers grew by 17.6% to INR 1,506.6 billion

The event also witnessed the unveiling of 11^th edition of Dun & Bradstreet’s ‘India’s Leading BFSI Companies 2019. The publication is an endeavor to recognize the leading companies, highlight the growth and trends and capture the overall pulse of India’s financial sector. The 11^th edition profiles 336 companies, comprising 8 banks, 154 NBFCs and financial services, 52 insurance companies, 29 asset management companies and 20 broking houses.

The full list of winners of Dun & Bradstreet BFSI Summit 2019