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Do Indians trust their banks most in the world? Find out...

September 16, 2013 11:30 IST

Do Indians trust their banks most in the world? Find out...

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Financial institutions around the world saw a break down in trust after the 2008 global economic crisis. In the United States and Europe, banks faced severe backlash both from public and governments. The situation was better in most of the Asian nations primarily because banks there were a lot more cautious in their dealings.

Let's take a look at how much trusts banks have in some of the major markets, including India.

Source: edelman.com

Click NEXT to see India's view of financial institutions...


Image: A view of Two IFC tower in Hong Kong.
Photographs: Bobby Yip/Reuters

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India

Trust in banks: 74 per cent

Distrust in banks: 3 per cent

Overall rank: 1

Indians trust their banks more than any other nation mainly because unlike Europe and the United States the banks have not defaulted and nor have customers lost any money.

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Image: A broker monitors share prices while trading at a brokerage firm in Mumbai.
Photographs: Danish Siddiqui/Reuters

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Singapore

Trust in banks: 69 per cent

Distrust in banks: 9 per cent

Overall rank: 2

Singapore, one of the biggest financial institutions in the world, also has high trust in its country's financial institutions.

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Image: An aerial view of high rise buildings at the financial district in Singapore.
Photographs: David Loh/Reuters
Tags: Singapore

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Canada

Trust in banks: 64 per cent

Distrust in banks: 8 per cent

Overall rank: 3

Canada, one of the wealthiest nations, managed to survive the global economic turmoil without any major damage to its financial institutions.

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Image: A view of Montreal, Canada.
Photographs: Shaun Best/Reuters
Tags: Canada

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Malaysia

Trust in banks: 59 per cent

Distrust in banks: 9 per cent

Overall rank: 4

Malaysia, one of the economic powerhouses of Asia, also ranks high when it comes to trusting its financial institutions.

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Image: A view of Petronas Twin Towers in Kuala Lumpur, Malaysia.
Photographs: Bazuki Muhammad/Reuters

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Indonesia

Trust in banks: 56 per cent

Distrust in banks: 5 per cent

Overall rank: 5

Indonesia, one of the fastest growing economies in Asia, is struggling to manage its falling currency, but trust in banks remains high.

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Image: An aerial view of Indonesia's capital city of Jakarta.
Photographs: Supri/Reuters

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United Arab Emirates

Trust in banks: 58 per cent

Distrust in banks: 17 per cent

Overall rank: 6

United Arab Emirates, one of the richest countries in the world, considers its banks safe and trustworthy.

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Image: Towers next to a Metro station on Sheikh Zayed Road in Dubai, United Arab Emirates.
Photographs: Jumana El Heloueh/Reuters

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Hong Kong

Trust in banks: 43 per cent

Distrust in banks: 9 per cent

Overall rank: 7

Hong Kong, one of the largest financial institutions in the world, is home to some of the biggest banks in the globe.

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Image: People walk on stairs featuring a five-metre-high reproduction of Vincent van Gogh's signature painting 'Sunflowers', at the entrance to Ocean Terminal in Hong Kong.
Photographs: Bobby Yip/Reuters
Tags: Hong Kong

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China

Trust in banks: 46 per cent

Distrust in banks: 18 per cent

Overall rank: 8

China, the fastest growing economy in the world, has some of the biggest banks in the globe.

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Image: An aerial view shows vehicles travelling on intersections at night in downtown Shanghai, China.
Photographs: Aly Song/Reuters
Tags: China

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Turkey

Trust in banks: 44 per cent

Distrust in banks: 18 per cent

Overall rank: 9

Turkey, one of the fastest growing economies in the world, is a regional financial and economic powerhouse.

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Image: A view of financial district in Istanbul, Turkey.
Photographs: Murad Sezer/Reuters
Tags: Turkey

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Mexico

Trust in banks: 39 per cent

Distrust in banks: 16 per cent

Overall rank: 10

Mexico, the fifth-largest country in the Americas, is projected to become the fifth-biggest economy in the world by 2050.

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Image: Ice skaters on a rink in Mexico City's historic Zocalo Square, Mexico.
Photographs: Edgard Garrido/Reuters

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Argentina

Trust in banks: 38 per cent

Distrust in banks: 17 per cent

Overall rank: 11

Argentina, the eighth-largest country in the world,, has a "very high" rating on Human Development Index.

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Image: Overview of Buenos Aires' 9 de Julio Avenue with the Obelisk in the background in Buenos Aires, Argentina.
Photographs: Enrique Marcarian/Reuters
Tags: Argentina

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Poland

Trust in banks: 39 per cent

Distrust in banks: 21 per cent

Overall rank: 12

Poland, which was one of the fastest-growing economies in the region until the 2008 global financial crisis, has seen some of the trust in its banks erode.

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Image: A view of Warsaw, Poland.
Photographs: Peter Andrews/Reuters
Tags: Poland

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Australia

Trust in banks: 38 per cent

Distrust in banks: 20 per cent

Overall rank: 13

Australia, which is one of the fastest growing economies in the world, is one of the richest countries in the globe.

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Image: An outdoor shopping mall in Melbourne, Australia.
Photographs: Mick Tsikas/Reuters
Tags: Australia

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Sweden

Trust in banks: 31 per cent

Distrust in banks: 24 per cent

Overall rank: 14

Sweden, one of the richest countries in the world, is also one of the most competitive markets in the globe.

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Image: A view of Stockholm, Sweden.
Photographs: Ints Kalnins/Reuters
Tags: Sweden

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Brazil

Trust in banks: 32 per cent

Distrust in banks: 35 per cent

Overall rank: 15

Brazil, one of the fastest-growing economies in the world, does not have that much faith in banks.

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Image: Tourists take pictures with the Rodrigo de Freitas Lagoon in the background in Rio de Janeiro, Brazil.
Photographs: Ricardo Moraes/Reuters
Tags: Brazil

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Russia

Trust in banks: 18 per cent

Distrust in banks: 25 per cent

Overall rank: 16

Russia, which has some of the biggest oil and gas reserves in the world, distrusts its financial institutions more than it trusts them.

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Image: A woman walks on the platform as a train arrives at Mayakovskaya metro station in Moscow, Russia.
Photographs: Lucy Nicholson/Reuters
Tags: Russia

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United States

Trust in banks: 28 per cent

Distrust in banks: 32 per cent

Overall rank: 17

United States, the largest economy in the world, saw many of its banks collapse after the 2008 sub-prime lending crisis.

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Image: A view from the observation deck of the Empire State Building of midtown Manhattan, Rockefeller Center and Central Park in New York City.
Photographs: Brendan McDermid/Reuters

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France

Trust in banks: 18 per cent

Distrust in banks: 35 per cent

Overall rank: 18

France, one of the largest economies in the world, does not trust its banks that much.

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Image: An aerial view shows the Notre-Dame Cathedral on the Ile de la Cite and the Seine River in Paris, France.
Photographs: Charles Platiau/Reuters
Tags: France

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The Netherlands

Trust in banks: 13 per cent

Distrust in banks: 38 per cent

Overall rank: 19

The Netherlands, one of the wealthiest countries in the world, has seen some of the trust in financial institutions erode after the global economic crisis.

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Image: Cyclists visit a Dutch tulip field in Noordwijk, the Netherlands.
Photographs: Michael Kooren/Reuters

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South Korea

Trust in banks: 14 per cent

Distrust in banks: 30 per cent

Overall rank: 20

South Korea, one of the wealthiest countries in the world, is a major manufacturing and export powerhouse.

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Image: People come out at a subway station in the Gangnam area of Seoul, South Korea.
Photographs: Lee Jae-Won/Reuters

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Japan

Trust in banks: 11 per cent

Distrust in banks: 38 per cent

Overall rank: 21

Japan, one of the biggest economies in the world, was badly hit by the global economic crisis.

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Image: Skyscrapers in Tokyo's Shinjuku district frame Mt Fuji at dusk in Japan.
Photographs: Kimimasa Mayama/Reuters
Tags: Japan

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