Great news! India's Safest Bank Your money is secure with these banks; the RBI has now verified this; find out more here

Great news! India's Safest Bank Your money is secure with these banks; the RBI has now verified this; find out more here

Great news! India's Safest Bank Your money is secure with these banks; the RBI has now verified this; find out more here

RBI: The RBI is responsible for overseeing the banking industry. He takes several difficult measures as a result before any bank falls. In light of this, we're going to inform you about the safest banks that the RBI has identified in this news today.

Money is the safest among the three banks in the nation, including State Bank of India (SBI), according to significant information provided by the Reserve Bank of India (RBI). RBI is certain that there are three such banks which can never collapse. According to RBI, the nation's three banks—including SBI—remain significant since they hold a sizable portion of the nation's deposited funds. At the financial system level, these banks are also the biggest banks.

According to information released by the Central Bank, ICICI Bank has performed well this year as well, similar to previous year. HDFC and SBI banks are still classified as high. The RBI has categorized all banks into four groups, with ICICI, HDFC, and SBI being included among the top banks in each category. They have a stronger financial position than any bank, in addition to being better than all of them. These banks are not going to fail under such circumstances.

Bank category shifted

HDFC Bank dropped from 1 to 2 and SBI from category 3 to category 4. SBI and HDFC Bank have been moved up the list of Domestic Systemically Important Banks (D-SIBs) by the RBI. Both banks will need to maintain higher levels of Tier 1 capital as a result of the bucket shifting upward. By April 1, 2025, these banks will need to retain capital above Tier 1.

Other people are impacted by bank failures as well.

As stated in the Financial Stability Report, other banks may be impacted if one bank has difficulties. The RBI said in the study that Tier 1 capital would be impacted by 3.6% in the event of a bank failure. 2.2% was the earlier estimate for the effect. Whereas the NPA of all commercial banks is predicted to fall from 3.2% to 3.1% by September 2024.

Reports are released annually.

Notably, the nation's central bank, the Reserve Bank of India (RBI), produces an annual report on the financial stability of the nation's banks, outlining which institutions have very good financial positions. Additionally, it provides information on loans, GDP growth projections, and NPA statistics.