The recent events in the banking sector have led to the downturn of faith from the customer's point of view. Currently, the banking sector is witnessing a curvy phase, but the TRA Brand Trust Report of 2018, reveals that the State Bank of India (SBI) has topped the chart as the most trusted bank in terms of both public and the private sector in the country. The ICICI bank has ranked the chart in terms of private sector banks in India.
"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 report said.
It further said: "The leader among the private banks is ICICI Bank, rising nine ranks in the overall ranking." In the overall ranking comparing brands from across sectors, ICICI Bank ranked 38th in 2018.
The report clarified that the present survey was carried out during November - January and it did not take into consideration the recent reports relating to the irregularities which involve ICICI Bank.
It further stated that it observed that the 51 brands from the BFSI sector get listed among the 1,000 most trusted brands in the country this year, as compared to a listing of 23 brands during 2017.
"The 19 new brands entering the list show that the general trust in the BFSI sector is rising," the report said.
The Punjab National Bank, which witnessed a multi-crore fraud while granting the loan to Jeweller, Nirav Modi during February, ranks sixth among the public sector banks (PSB) and its overall ranking stands at the 297th position as per the survey.
As the survey was conducted during the period between November - January 2017, the survey did not take into consideration the people's opinion after the scam was exposed.
"The fraud might be a factor in the next year's report for PNB. However, people do not really blame the bank for that, rather the accused individuals are the ones largely blamed", said N Chandramouli, CEO of TRA.