Expanded as The Reserve Bank of India, the RBI is the central bank of India which has revealed a list of the safest and most reliable banking firms in India. All these banks in the list are the ones trusted by the clients and the Indian economy. Luckily, some of the banks from the last year also made it to the list this year so you will find some familiar names along with two commercial banks and one public bank.
The three biggest banks in India as per the Reserve Bank of India are as follows:
- The State Bank of India (SBI): The Public Sector Bank
- HDFC Bank: The Private Sector Bank
- ICICI Bank: The Private Sector Bank
All these three banks were featured in the last year’s list of domestic systemically significant banks along with some of the most influential banking and financial institutions in India. These banks are under the special attention of the Reserve Bank of India which is also an assurance of proper function.
The Reserve Bank of India has set certain regulations on these banks to ensure that they are the safest banks in India. For instance, these banks are to maintain a certain percentage of their risk-weighted assets as Tier-1 equity. Here, SBI put 0.60 per cent of its assets as Tier-1 equity whereas the next two in the line, HDFC and ICICI bank are required to put 0.20 per cent of their reserved assets as Tier-1 equity.
The Reserve Bank of India conducts an annual assessment in August every year where it scans these banks according to their reach and operations. Only after that, it compiles the list of the most important banks in India.
Only the three above-mentioned banks are on this list at the moment and you can choose one to ensure a safe banking experience.
Also, the listed banks are always safe from insolvency while the Indian government is ever ready to aid these banks if deemed necessary.