Your money is safe only in these three banks: Safest Bank list issued by RBI

RBI Safest Bank list: There are many banks in India. Millions of customers have accounts in those banks. It has a huge list ranging from government banks to private banks. But now the Reserve Bank of India has released some information about the banks. Your money is safe only in these three banks: Safest Bank list issued by RBI.

RBI says in which bank your money is safe and in which bank your money is not safe. If there is any kind of loss to the banks in the country, there will be a loss to the country including the customers. The Reserve Bank of India (RBI), India’s central bank, has revealed which banking firms are the most systematically important ones.

The client and the Indian economy rely so heavily on these banks that if they suffer a loss, the whole nation would feel it. Two commercial banks and one public bank are on the RBI’s list of Domestic Systemically Important Banks (D-SIBs). There are some familiar bank names on the list as well, as it contains data from the previous year.

 According to the Reserve Bank of India (RBI), the three biggest banks in India the public sector State Bank of India (SBI), the private sector HDFC Bank, and ICICI Bank are all featured in this 2022 list. Some of the largest and most influential financial institutions in India are featured in this list of domestic systemically significant banks.

The Reserve Bank of India (RBI) pays close attention to these institutions, and any news of their failure would be devastating. The Reserve Bank of India applies a stringent scale to the listed banks. To meet regulatory requirements, these financial institutions must maintain a certain percentage of their risk-weighted assets as Tier-1 equity.

The Reserve Bank of India mandates that SBI put aside 0.60 percent of its reserved assets as tier-I equity, whereas HDFC and ICICI Bank are only need to set up 0.20 percent. The Reserve Bank of India (RBI) has issued and closely monitored a list of critical banks in the country’s financial system and economy since 2015.

Annually in August, the Reserve Bank of India (RBI) conducts an assessment of banks based on their reach and operations to compile a list of the most significant banks in India. Only three financial institutions are represented here at the moment. The listed banks are safe from insolvency, and the government is ready to aid them if necessary.

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RBI has compiled a list of top performing banks as of March 2022. The RBI initially only listed SBI and ICICI Bank on this list in 2015 and 2016. Looking at the data up till March of 2017, HDFC Bank was afterwards included. When the first list was revealed in 2015, it had just two names, which prompted suspicions at global rating agency Moody’s.