MUMBAI, India, March 18, 2024 -- Dun & Bradstreet, a leading global provider of business decisioning data and analytics, recognized the outstanding BFSI & FinTech companies of India on February 27, 2024 at the 16th edition of 'Dun & Bradstreet BFSI & FinTech Summit 2024'. (List of award winners below)



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India's financial services industry is going through a drastic transformation. While digital disruption is taking over the industry, new business models are emerging, and customer dynamics are changing significantly. As the industry undergoes a remarkable shift, the summit focussed on the top five 'Game Changers' of the BFSI & FinTech industry namely, Inclusive BFSI Models, Tech Tsunami, Next-Gen Customer Experience, Regulatory Sandboxes, and Cybersecurity Revolution.


Speaking at the summit, Avinash Gupta, Managing Director & CEO – India, Dun & Bradstreet, said, "The Indian financial services industry is at the cusp of drastic transformation, with evolving business models and shifting customer dynamics. FinTech companies are driving the evolution of BFSI by pioneering digitally accessible and low-cost banking, payments, and lending solutions. There is lot of banking happening without banks; FinTech NBFCs are gaining centre stage in retail lending, while InsureTechs are revolutionising the insurance industry. Clearly if the game is changing, it is important to know who the 'Game Changers' are."


"In FY23, the BFSI and FinTech companies contributed to 6% to the GDP. The consolidated balance sheet of Scheduled Commercial Banks (SCBs) showed a double-digit expansion of 12.2%, which is the highest in nine years. All the 12 public sector banks together recorded a 57% jump in net profit, crossing the Rs 1 lakh crore mark. During the same period, NBFCs also witnessed double digit expansion, with 16% increase in loan advances. Aggregate income of NBFCs increased by 21.5% in FY23 as against 8.5% in FY22. Furthermore, India is now among the fastest growing FinTech markets, being the second most funded startup sector in the world," added Gupta.


The summit also witnessed the launch of the 16th edition of the 'India's Leading BFSI & FinTech Companies 2024' publication. The publication is a compendium of leading companies within the domestic BFSI industry, including scheduled commercial banks, small finance banks, life, non-life and reinsurance companies, AMCs, NBFCs, equity broking houses and select FinTech companies.


Full List of Winners of 'BFSI & FinTech Awards 2024'


Sl No.


Industry Award Categories


Award Winner FY24


1


India's Leading Public Bank (Large)

(Assets greater than INR 4 lacs crores, FY23)


Bank of Baroda


2


India's Leading Public Bank (Mid)

(Assets less than INR 4 lacs crores, FY23)


Bank of Maharashtra


3


India's Leading Private Bank (Large)

(Assets greater than INR 4 lacs crores, FY23)


HDFC Bank Limited


4


India's Leading Private Bank (Mid)

(Assets less than INR 4 lacs crores, FY23)


IDFC First Bank Limited


5


India's Leading Small Finance Bank


AU Small Finance Bank Limited


6


India's Leading Foreign Bank


HSBC Limited


7


India's Leading Payment Bank


Fino Payments Bank Limited


8


India's Leading Housing Finance Company (Large)

(Assets greater than INR 25 thsd crores, FY23)


Bajaj Housing Finance Limited


9


India's Leading Housing Finance Company (Mid)

(Assets less than INR 25 thsd crores, FY23)


IIFL Home Finance Limited


10


India's Leading Diversified NBFC (Large)

(Assets greater than INR 25 thsd crores, FY23)


Bajaj Finance Limited


11


India's Leading Diversified NBFC (Mid)

(Assets less than INR 25 thsd crores, FY23)


Axis Finance Limited


12


India's Leading Infrastructure Finance Company


Power Finance Corporation Limited


13


India's Leading Life Insurance Company (Public)


Life Insurance Corporation of India


14


India's Leading Life Insurance Company (Private)


HDFC Life Insurance Company Limited


15


India's Leading Non-Life Insurance Company (Public)


The New India Assurance Company Limited


16


India's Leading Non-Life Insurance Company (Private)


ICICI Lombard GIC Limited


17


India's Leading Health Insurance Company


Star Health and Allied Insurance Company Limited


18


India's Leading Asset Management Company


SBI Funds Management Private Limited




Special Awards




1


Use of AI/ML in Debt Collection


Analog Legalhub Technology Solutions Private Limited (Credgenics)


2


Use of AI for Risk Evaluation


CredAvenue Private Limited (Yubi)


3


Innovation in financing (revenue-based financing)


GetVantage Tech Private Limited (GetVantage)


4


Product Innovation in Banking and Payments


Network People Services Technologies Limited (NPST)


5


Excellence in Payment Solutions


PhonePe Private Limited (PhonePe)


6


Product Innovation with use of blockchain technology


New Street Technologies Private Limited (New Street Tech)


 


About Dun & Bradstreet:


Dun & Bradstreet, a leading global provider of business decisioning data and analytics, enables companies around the world to improve their business performance. Dun & Bradstreet's Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue, lower cost, mitigate risk and transform their businesses. Since 1841, companies of every size have relied on Dun & Bradstreet to help them manage risk and reveal opportunity. For more information on Dun & Bradstreet, please visit www.dnb.com.


Dun & Bradstreet Information Services India Pvt. Ltd. is headquartered in Mumbai and provides clients with data-driven products and technology-driven platforms to help them take faster and more accurate decisions across finance, risk, compliance, information technology and marketing. Working towards Government of India's vision of creating an Atmanirbhar Bharat (Self-Reliant India) by supporting the Make in India initiative, Dun & Bradstreet India has a special focus on helping entrepreneurs enhance their visibility, increase their credibility, expand access to global markets, and identify potential customers & suppliers, while managing risk and opportunity.


India is also the home to Dun & Bradstreet Technology & Corporate Services LLP, which is the Global Capabilities Center (GCC) of Dun & Bradstreet supporting global technology delivery using cutting-edge technology. Located at Hyderabad, the GCC has a highly skilled workforce of over 500 employees, and focuses on enhanced productivity, economies of scale, consistent delivery processes and lower operating expenses.


Visit www.dnb.co.in for more information.


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