The jury was chaired by Standard & Poor's managing director & region head (South Asia) R Ravimohan, and comprised Tata Capital managing director Pravin Kadle, ICAN Advisors managing director Anil Singhvi and Ernst & Young's head of financial services Ashvin Parekh.
The jury members concluded that Bhatt deserved the title for the series of initiatives he has taken to position the country's largest bank to compete with private bank challengers that operate with much more operational freedom.
SBI, under Bhatt's stewardship, is best positioned to make a difference to all stakeholders, they said. What tipped the scales in Bhatt's favour was his ability to make the elephant dance.
Though the numbers were not impressive enough in 2006-07 - a fact the jury noted - Bhatt has been able to arrest the steep slide in its market share since September last year.
In fact, till October this year, SBI's market share in deposits has gone up by 61 basis points and advances by 11 basis points.
The first SBI chairman to get a five-year term has an elaborate blueprint for regaining the bank's lost glory.
While corporate financing has been put on the fast track (the decision to part-finance the Tata Group's acquisition of Corus was cleared in 10 minutes), SBI is entering several new business streams: financial planning and advisory services, custodial services, mobile banking, payments solutions, general insurance and pension funds.
The bank has also begun taking steps to build a strong derivatives business abroad.
The annual also covers a round table discussion involving the CEOs of seven leading banks on the topic: "2009: Are banks in India ready for it?"
Bankers called for a clear vision document from the government and the Reserve Bank of India on the roadmap post-2009 when the contours of the banking landscape are expected to change.
The message that came out clearly was this: while leading private and foreign banks are putting their houses in order to meet the challenge, the public sector banks are trying to make rapid strides though most of them are still struggling with legacy issues.
Bankers also said that the roadmap is important since the opportunities are limitless.
With the economy growing at around 9 per cent and an increase of the share of overall credit in the national output, business can go only one way - up.
