India’s largest public sector lender State Bank of India (SBI) has been termed as the most trusted bank in the country, says TRA Brand Trust Report 2018.
The report also termed ICICI Bank as the most favourite private sector lender.
“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,” revealed the report.
The most favourite private lender ICICI Bank acquired the 38th position in the overall ranking in 2018, report the report.
The report was tabulated during November-January and did take the ongoing irregularities of the banking sector in account involving the ICICI Bank.
While 51 brands from BFSI sector registered themselves among the 1,000 most trusted brands in India this year, last year 23 brands were a part of the list.
The report suggests that the inclusion of 19 new brands into the list shows the general trust is BFSI sector is increasing.