Safest Banks In India: In today’s time, the biggest concern in the mind of every bank customer is how safe their deposited money is. Meanwhile, the Reserve Bank of India (RBI) has recently released a report, which includes the names of those banks in which the money of the customers is considered completely safe. These banks are trusted to be the backbone of the country’s financial system and they have been placed in the list of “Safest Banks”.
New list of safest banks
RBI has released the list of Domestic Systemically Important Banks (DSIB) and said that there are three big banks in India, whose collapse can shake the entire financial system of the country. Therefore, these banks will not be allowed to close under any circumstances. The first name in this list is State Bank of India (SBI), which is India’s largest government bank. Apart from this, two big private banks like HDFC Bank and ICICI Bank have also been included in this list.
Why are these banks the safest?
These three banks have been given the status of Domestic Systemically Important Banks (DSIBs). This means that if any of these banks gets into trouble, then both the government and RBI will first try to save them. This is the reason why the risk of customers losing their money is almost negligible. These banks also have to maintain additional capital storage i.e. Additional CET1 Capital so that in case of any emergency, the money of the customers can remain completely safe.
How safe is the money for customers
If we talk about normal banks, deposit insurance is available only up to a certain limit. According to RBI rules, in case any bank in the country collapses, customers are guaranteed a maximum of Rs 5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC). This means that if a bank collapses, a single customer gets back only up to Rs 5 lakh from his total deposit amount.
Customers of DSIB banks should remain assured
However, customers of big banks like SBI, HDFC and ICICI can be free from this worry. Being in the DSIB category means that it is almost impossible for these banks to sink. Even if there is an economic crisis, the government and RBI will save these banks in any situation. Therefore, the customer money deposited in them is considered to be the most secure. This is why the number of customers in these banks is increasing rapidly and people are depositing their money without any fear.
Disclaimer : This article is for general information only. The information given in it is based on RBI and other government sources. Banking rules and security covers may change from time to time. Before investing or depositing, definitely get the latest information from the official website of the concerned bank or RBI.
