Security and reliability of banking systems in India is an important subject. When we deposit our money in the bank, we are curious to know which bank is the safest. The Reserve Bank of India (RBI) has recently released a list of three safest banks in the country, including State Bank of India (SBI), HDFC Bank, and ICICI Bank.
These banks have been given the status of domesticly important banks, which reflects their financial stability and important role. D-Sibs means that these banks are so big and important that if they fail, it can affect the economy of the entire country. Therefore, these banks are called “Two Big to Fail”, which means that if they fall into a financial crisis, the government and RBI will take steps to maintain their stability.
India’s Safest Banks: an overview
The information of India’s safest banks is given in the following table:
| Bank name | Speciality |
| State Bank of India (SBI) | India’s largest public sector bank. |
| HDFC Bank | The largest and reliable bank in the private sector. |
| ICICI Bank | The second largest bank in the private sector. |
| D-Sib Status | All three banks get D-Sibs status. |
| Capital Buffer Requirement | SBI: 0.80%, HDFC: 0.40%, ICICI: 0.20%. |
| Year of Inclusion in D-Sibs | SBI: 2015, ICICI: 2016, HDFC: 2017. |
| financial stability | These banks are important for financial stability. |
| Government support | These banks get government support. |
Suggestion for safe banking
If you want to keep your money safe, then keep in mind the following things:
- Financial stability: Check the bank’s financial stability. Is the bank’s economic condition strong?
- Government support: Check whether the bank gets government support or not. Government support increases the stability of the bank.
- Additional Capital requirement: Check the need to maintain additional capital by the bank. This helps the bank to deal with financial crises.
- Digital security: Check the bank’s digital security, such as cyber security measures. This makes your online transaction safe.
3 most safest bank features in India
State Bank of India (SBI)
State Bank of India is the largest public sector bank in India, which has a comprehensive branch network. SBI’s financial stability and government support makes it one of the safest banks. SBI’s 128-bit SSL SSL Encryption is protected, which makes your personal and financial data safe.
HDFC Bank
HDFC Bank is the largest and reliable bank in the private sector, known for its financial stability. HDFC Bank’s cyber security is strong, including intrusion detection and prevention system, firewall, and Anti-Malware. Its net NPA ratio is also very low, which reflects its financial health.
ICICI Bank
ICICI Bank is the second largest bank in the private sector, which is famous for its digital services. The Risk Management System of ICICI Bank is very strong, which reduces financial risks. Its provisioning coverage ratio is also high, which reflects its financial stability.
Importance of d-sibs
The importance of D-Sibs is as follows:
- Financial stability: These banks are so important that if they fail, the financial stability of the entire country can be affected.
- Government Support: These banks get special support from the government and RBI so that they can deal with any financial crisis.
- Additional Capital requirement: These banks are instructed to maintain additional capital so that they can face any financial crisis.
Digital banking security
RBI has recently launched ‘Bank.in’ and ‘Fin.in’ domains to increase digital banking security. This domain will help legitimate financial companies to separate from fake websites and increase the security of financial transactions. With this, customers will be able to know which website is real and which is not.
conclusion
India’s safest banks include SBI, HDFC Bank, and ICICI Bank. These banks are given D-Sibs status, which reflects their financial stability and important role. If you want to keep your money safe, you can trust these banks.
Disclaimer: This article is for general information and it would be appropriate to get information from official sources for information about a specific banking service.
