IBA: 17th IBA's Annual Banking Technology Awards 2021 announced

Indian Banks’ Association (IBA) has announced the IBA’s 17th Annual Banking Technology Awards 2021. In total South Indian Bank has won 6 awards in the event. This year’s IBA Awards celebrating “Next Gen Banking” has recognized technologies and practices in the banking industry that have demonstrated a high degree of innovation over the past year.

The list of winners in different categories is given below:

Best Technology Bank of the Year

In Large Banks segment: Bank of Baroda
In Small Banks segment: The South Indian Bank
In Foreign Banks segment: Citibank N.A.
Regional Rural Banks: Baroda Rajasthan Kshetriya Gramin

Best Digital Financial Inclusion Initiatives

Large Banks: State Bank of India
Small Banks: The Jammu & Kashmir Bank
Regional Rural Banks: Baroda Rajasthan Kshetriya Gramin

Best Payments Initiatives

Public Banks: State Bank of India
Private Banks: ICICI Bank

Best Fintech Adoption

Large Banks: ICICI Bank
Medium Banks: Federal Bank
Small Banks: The South Indian Bank
Regional Rural Banks: Baroda Rajasthan Kshetriya Gramin

Best Use of AI/ ML T & Data

Large Banks: ICICI Bank
Small Banks: The South Indian Bank
Regional Rural Banks: Telangana Grameena Bank

Best IT Risk & Cyber Security Initiatives

Large Banks: Union Bank of India
Medium Banks: Yes Bank
Small Banks: The South Indian Bank
Foreign Banks: The Hongkong & Shanghai Banking Corporation Ltd
Regional Rural Banks: Baroda Rajasthan Kshetriya Gramin
Co-operative Banks: The Saraswat Coop bank
Small Finance/Payments Banks: Ujjivan Small Finance Bank

Cloud Adoption

Large Banks: Union Bank of India
Medium Banks: Yes Bank
Small Banks: Karur Vysya Bank
Foreign Banks: Citi bank N.A
Regional Rural Bank: Baroda Rajasthan Kshetriya Gramin

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Important takeaways for all competitive exams:

Indian Banks’ Association Established: 1946;
Indian Banks’ Association currently has 247 banking companies as members;
Indian Banks’ Association Chairman: Rajkiran Rai (MD & CEO of Union Bank of India).

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