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Mahabaleshwara MS, Managing Director and Chief Executive Officer of Karnataka Bank, termed the Budget 2020-21 as an ‘aspirational and pro middle-class’ budget. “This is an aspirational and pro middle-class budget mainly for the reason that more thrust has been given to agriculture, affordable housing, tourism, renewable energy and infrastructure sectors. These are all the areas that could touch the middle-class population,” he said. Another plus point is the enhancement of deposit insurance cover from ₹1 lakh to ₹5 lakh. This would help retail depositors, he said. The proposed mechanism for NBFCs and housing finance companies would further fuel the growth, he said.
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