IDBI best public sector bank for SME financing: D&BBy IANS
Friday, August 27, 2010
MUMBAI - IDBI Bank has received the best public sector bank award for financing small and medium enterprises (SMEs) from global business information provider Dun and Bradstreet (D&B).
“IDBI Bank has developed a special business model to serve the SMEs in the country that has enabled the bank to develop a quality SME portfolio through a dedicated streamlined credit decision process,” said T. R. Bajalia, executive director and head (SME Group), IDBI Bank.
The award was presented to IDBI Bank at the “Dun & Bradstreet - Polaris Software Banking Awards 2010″ here.
“The bank’s focus is on service quality and consequently, utmost importance is being accorded to the building of an efficient SME sales network, effective client management mechanism besides borrower friendly, easy to understand and competitive products,” he added.
IDBI Bank’s operations during the quarter ended June 30, 2010, resulted in a net profit of Rs.251 crore.
D&B India developed a proprietary quantitative model based on various parameters for identifying the top banks across the spectrum. The model is based on the twin premise of recognising the size and growth of the banks.
For this purpose, D&B India identified a number of crucial parameters related to business, profitability, network, priority sector lending, asset quality, global business etc relevant to each award category.
The final ranking of the banks was arrived at using a composite score of these weighted parameters. The information has been collated from Reserve Bank of India (RBI) documents and annual reports of the banks.