HDFC tops Forbes’ list of best Indian banks, SBI not even in top 10

Forbes has compiled a first-ever list of the World’s Best Bank 2019 in terms of customer services and technological advancements. The private lender, HDFC Bank, was ranked at the top of the list.

However, India’s largest public sector bank, the State Bank of India (SBI), did not even make it to top 10 of the list and was ranked 11th by the customers.

“We are extremely humbled to be ranked No. 1 by the customers. Our customer has always been at the heart of everything we do since we set out to create a ‘World-Class Indian Bank 25 years ago. On behalf of all my colleagues, I would like to thank each and every customer for reposing their trust in us through the years,” Money Control quoted HDFC Bank’s Managing Director Aditya Puri as saying.

HDFC Bank claims to provide the best of its technological features to its 43 million customers.

After HDFC Bank, another private lender ICICI Bank took the second spot, while DBS was at the third rank in Forbes list of Indian banks.

Interestingly, Kotak Mahindra Bank and IDFC Bank had managed to gain the fourth and fifth spot respectively.

Syndicate Bank, PNB, Allahabad Bank, Vijaya Bank and Axis Bank were ranked from sixth to tenth respectively.

On the other hand, the country’s second largest public sector bank, Bank of Baroda (BoB) was ranked 16th and was followed by Paytm Payments Bank. Canara Bank was placed at the 30th position by customers.

Forbes had partnered with Statista, a market research company, to measure the best banks in 23 countries. Interestingly, this survey ignored any financial performances like P&L statements and balance sheets in favour of a customer’s opinion.

The survey compiled data from around 40,000 customers around the world for their opinions on their banking relationships.

The banks were rated on the basis of 5 key attributes – trust, digital services, financial advice and fees.

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