A survey conducted during the Covid-19 lockdown has revealed that a majority of account holders think that their money is safer in public sector banks, as compared to the private ones.
According to the survey, conducted by IANS C-Voter Economic Battery Wave, account holders across age and income groups, both in rural and urban areas have said that their trust in private banks has come down.
The survey with a sample size of 1,200 showed, that even cooperative banks enjoyed better trust factor, compared to the private lenders. People across all age groups have shown a willingness, to shift their accounts from private to public or even cooperative banks.
And this willingness to switch banks is found in rural as well urban areas.
There may be several reasons for this inclination, ranging from the much wider reach of the PSBs, with more number of branches compared to the private banks, to the trust in a government-run entity. Also, several surveys and reports have also shown that PSBs have shown more compliance of loan moratoriums announced by the Reserve Bank of India.
In addition, with collateral-free loans under the ”Aatma Nirbhar Bharat” package, the state-run banks have been able to gain more trust and goodwill.
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