Safest Banks: Where is your money safe? RBI names the country's 3 safest banks

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There are many banks in India. Some of these are government banks, while some are private banks. People always have concerns about the safety of their money. Against this backdrop, the Reserve Bank of India (RBI) has announced information about the three safest banks in the country. RBI has also stated that there is no risk of any kind if money is kept in these three banks.

State Bank of India (SBI), HDFC Bank, and ICICI Bank are recognized as Domestic Systemically Important Banks (D-SIBs), which are the main pillars of the Indian economy. These banks are so large that they will never fail, as such a situation could create a major crisis for the country's economy. The country's dependence is more on the financial health of these banks.

Many people believe that government banks are the safest. However, it is important to note that two out of the three banks in this Reserve Bank list are from the private sector. These three banks have a significant share in the country's GDP, and if their operations are even slightly disrupted, it could impact the stock market and the money of ordinary citizens. Therefore, the Government of India and the RBI have decided to intervene immediately if these banks face a financial crisis.

According to RBI rules, these three banks have to maintain more cash reserve or capital than other banks, which is called 'Common Equity Tier 1' (CET 1). This fund is used as a relief during financial crises, ensuring that there is no impact on the operations of these banks or the money of the citizens. Therefore, keeping money in these three banks is considered the safest.