66% feel hike in deposit insurance adequate: -CVoter poll

As the Finance Minister announced to raise the insurance cover on bank deposits to Rs 5 lakh, a post-budget -CVoter survey shows that majority of the people are happy with the move and 66 per of the respondents described it as a good decision.

Presenting the Union Budget for the financial year 2020-21, Finance Minister Nirmala Sitharaman on Saturday announced to raise the insurance cover on bank deposits to Rs 5 lakh from the current Rs 1 lakh. The decision comes after the recent scam in the Punjab & Maharashtra Co-operative Bank (PMC) and its eventual closure, where thousands of depositors lost their money.

The decision is much appreciated as both the government and the RBI have faced severe criticism over the past few months on capping the insurance at Rs 1 lakh.

The survey shows that around 23.8 per cent of the respondents feel that although the decision is fine, much more needs to be done.

However, around 6.7 per cent of the people feel that the increased amount still is less than required. Another 3.5 per cent said that they cannot give an opinion.

The net approval for the decision to raise insurance cover on deposits was 59.4 per cent.

The survey involved the interview of over 1,200 randomly selected respondents across all demographics.

On the increase of turnover limit of startups from Rs 25 crore to Rs 100 crore, the survey showed that 57.2 per cent respondents felt that it is a good decision and meets the requirement.

Around 25.1 per cent felt that, it is fine but much more needs to be done, while 10.2 per cent people described it as a poor decision and said that it is much less than required.

Another 7.5 per cent respondents said that they cannot give an answer.

( With inputs from IANS )