Bank of Baroda Recognised as ‘Best Bank in India’ by The Banker: Key Highlights and Significance

Bank of Baroda (BoB) has been honoured as the ‘Best Bank in India’ at the Bank of the Year Awards 2025 – Asia-Pacific, organised by The Banker magazine, a respected publication of the Financial Times. This recognition highlights the bank’s rapid transformation, innovative banking services, and its expanding role in strengthening India’s financial ecosystem.

For government exam aspirants, this achievement is important because questions on awards, banking reforms, financial inclusion, and major institutions often appear in competitive exams.

Why Bank of Baroda Received the ‘Best Bank in India’ Award

1. Expansion of Phygital Banking Model

One of the major reasons for BoB’s recognition is its successful rollout of phygital branches—a blend of physical and digital banking. This model helps customers enjoy:

• Instant statements
• Income tax payment certificates
• Easy nominee updates

The approach offers convenience while still ensuring access to traditional support. Customers can interact digitally through video calls or meet staff in person for more complex needs at universal service desks.

This hybrid banking model reflects the bank’s commitment to improving customer experience while keeping up with modern banking trends.

2. Strong Focus on Customer Support and Accessibility

The bank expanded its physical presence by opening 184 new branches across India, strengthening its outreach, especially in rural and semi-urban areas. This expansion supports:

• Local business growth
• Better access to credit
• Enhanced financial inclusion

The Banker magazine highlighted how these initiatives make banking easier and more accessible for people who rely on in-person assistance.

3. Support for Small Businesses Through Smart OD

To strengthen micro and small enterprises, BoB launched the Smart OD (Overdraft) facility. This product helps small business owners easily access working capital, addressing one of the biggest challenges faced by MSMEs.

Digital Verification for Faster Loans

Another innovation recognised by The Banker is BoB’s ability to offer financing based on:

• B2B sales data,
• GST returns, or
• Current account activity.

These digitally verified loans can be approved in less than 24 hours, helping businesses that traditionally struggled to obtain formal credit. This fast, technology-driven approval process promotes financial inclusion and supports India’s growing entrepreneurial ecosystem.

4. Innovative Products for Retail Customers

Bank of Baroda has also introduced customer-friendly products such as liquid fixed deposits. These are designed to combine the strengths of two popular banking products:

• Higher interest rates of fixed deposits
• Easy withdrawal flexibility of savings accounts

Customers can withdraw funds without losing interest on the remaining amount. This feature makes liquid FDs particularly attractive for households and salaried individuals who want both safety and liquidity.

5. Commitment to Nation-Building and Inclusive Growth

BoB’s Managing Director & CEO, Debadatta Chand, emphasised the bank’s mission to promote inclusive and sustainable growth. He highlighted the bank’s role in nation-building, financial access, and strengthening India’s global financial standing.

This aligns with India’s broader goals of expanding digital banking, improving credit availability, and strengthening the financial sector to support economic development.

Significance of the Award for India’s Banking Sector

Enhances India’s Global Recognition

Being chosen by The Banker places Bank of Baroda among top-performing global banks, showcasing India’s progress in digital transformation and customer-centric banking.

Boosts Investor and Customer Confidence

Such international recognition improves trust among customers, investors, and global partners, strengthening the overall banking ecosystem.

Encourages Healthy Competition

Awards like these motivate other Indian banks to innovate, adopt digital solutions, and focus on customer service improvements.