At a time when India's banking system has been fraught with challenges including a surge in bad loans and a recent revelation of bank frauds, the TRA-Brand Trust Report 2018 released Wednesday tells a different story.
State Bank of India (SBI) has topped the charts and become the most trusted bank in the country in both private and public sector in the Banking and Financial Services Institutions (BFSI) sector. While ICICI Bank is spotted in the top slot among private sector lenders exclusively.
"This year, State Bank of India tops the chart of BFSI (Banking and Financial Services Institutions) super-category despite seeing a dip in its overall brand trust index rankings from 13th in 2017 to 21st this year," the Brand Trust Report 2018 said, reports IANS.
In 2018, 51 brands from the BFSI sector got listed among the 1,000 most trusted brands in India. In 2017, it was 23 brands only.
"The leader among the private banks is ICICI Bank, rising nine ranks in the overall ranking", the IANS report added.
Interestingly, the survey was carried out during the November-January period and did not take into account the recent reports of irregularities involving the ICICI Bank, the report clarified.
Punjab National Bank (PNB) is ranked 297th spot in the overall ranking. Country's second-largest state lender PNB, which revealed a $2-billion fraud at it's Mumbai branch in February this year ranks sixth among the public sector banks exclusively.
The other leaders:
Among the most trusted brands, according to The Brand Trust Report 2018, Samsung, Sony and LG top the list in India. Samsung leads the list second year in a row. The fourth most trusted brand is Tata and is followed by Apple.
Dell is spotted at the 6th position and Honda is ranked at 7th position. Nike(8), Hewlett Packard (9), and Maruti Suzuki rank (10) are made to the top ten list.
Arrow (43) in formalwear, Pepsi (44) in F&B, Amazon (53) in Online Retailer – diversified, American Express (167) in Credit/Debit card, Muthoot Finance (171) in financial services, and Tanishq (258) in jewellery are some of the important category leaders in the report.