LIC is the most trusted brand in banking and finance space: Trust Research Advisory

Trust Research Advisory's brand trust report has ranked Life Insurance Corporation of India ( LIC) as the country's most trusted brand in the banking and financial institution (BFSI) space, for the second consecutive time. State Bank of India was ranked second.

ICICI Bank ranked the third most trusted brand in the BFSI sector, followed by Housing Finance Development Corporation and HSBC.

Overall, LIC was ranked 8th among 17,000 brands studied while SBI was ranked 19th.

Trust Research Advisory's chief executive N Chandramouli said: "Both LIC and SBI have ranked first and second in the BFSI sector for two years consecutively."" This marked a preference for state-owned brands in BFSI category

The brand trust report has listed India's 1,000 most trusted brands after generating nearly 2 million datapoints and was conducted across 15 cities.

Trust Research Advisory said Indian Statistical Institute helped it create a statistically robust Brand Trust Index which has been used to hierarchically rank India's brands on the basis of trust.

This is the second edition of the report in the series initiated in 2011.