Mumbai, February 18, 2009: Dun & Bradstreet, announced the ‘Dun & Bradstreet – Banking Awards 2009’. The Awards seek to recognize the growth and resilience of the Indian banking industry. Dun & Bradstreet India also launched the third edition of its publication, “India’s Top Banks 2009”, which captures the developments in the banking sector in India during FY08. The publication profiles 74 scheduled commercial banks (SCBs). The study also contains an Insights section, for which D&B has included all 77 SCBs in India, consisting of 27 Public Sector Banks (PSBs), 22 Private Sector Banks and 28 Foreign Banks.

Speaking at the awards, Dr. Manoj Vaish, President & CEO – India, Dun & Bradstreet said, “The Indian banking industry has remained largely unaffected and has been an island of calm amidst the turmoil that the global financial sector has seen in the recent past. The Reserve Bank of India has introduced and implemented a variety of prudent monetary initiatives that have helped the domestic banking & financial industry, cope with the uncertainty that has plagued the banking sector worldwide.”

“Riding on the back of a growing economy, banks in India have grown rapidly over the last 4 to 5 years. The total assets of the 77 scheduled commercial banks have more than doubled between FY04 and FY08. The rapid expansion of the economy has also meant that the appetite for credit during FY08 was huge. Going forward, as the economy goes through a period of slowdown, the Indian banking system will have to continue to find innovative ways to counter potential risks,” he added.    Source: D&B India

BIIA Newsletter March 2009 Issue