Mumbai: India’s second largest private sector bank HDFC Bank topped the list of the country’s top 50 brands according to a report released by marketing and advertising conglomerate WPP Plc and Kantar Millward Brown.

Banks and telcos dominate the listing, WPP’s BrandZ Top 50. Airtel is #2 and State Bank of India, #3.

The highest ranked new entrant on the list is a telco too, Reliance Jio, at #11.

WPP says demonetisation—the invalidation of old high value currency notes last year—and the subsequent slowdown in consumption hit packaged consumer goods brands.

According to the report, consumption of packaged consumer goods fell 4.2% and 2.4% year on year in November and December 2016 respectively, but recovered 0.6% in March this year and 3.9% in April. Still, that was enough to hit the ranking of most packaged consumer goods brands.

“The biggest brands in China and Indonesia were also banks," said David Roth, CEO of The Store at WPP and leader of the BrandZ rank of the most influential brands. “Banks are well capitalized, balanced brands for a long time," he said.

The list of Top 50 brands in India in 2017: