PM Modi Launches RBI’s 2 Innovative Schemes To Boost Investment Avenues

Must read

Swastika Dubey
Swastika Dubey
Swastika Dubey is a content writer who loves to write about trending entertainment topics, fashion, and lifestyle. She also loves to listen to classic old Hindi songs and travel to new places in her leisure time. Her writing is well researched, covering important aspects and core of the topic covering crucial points.

Highlights:

  • PM Modi launched the Reserve Bank- Integrated Ombudsman Scheme & RBI Retail Direct Scheme on Friday morning.
  • The RBI Retail Direct Scheme aims to improve retail investors’ access to the government securities (G-Secs) market.
  • The RBI Integrated Ombudsman Scheme aims to improve the grievance redress procedure for addressing consumer complaints against RBI-regulated firms.

Prime Minister Narendra Modi launched 2 Reserve Bank of India (RBI) customer-centric schemes on Friday: the RBI Retail Direct Scheme and the Reserve Bank – Integrated Ombudsman Scheme. With this, India has made the government bond market available to retail investors. “With the RBI Retail Direct Scheme, small investors in the country now have a secure channel for investing in government securities,” Prime Minister Modi stated.

The Prime Minister stated that the RBI’s two unique customer-centric initiatives will enhance investment possibilities and make capital market access easier and safer.

The scheme’s virtual launch was also attended by RBI Governor Shaktikanta Das and Finance Minister Nirmala Sitharaman.

The two schemes, according to the Prime Minister, would broaden the scope of investment in the country and make access to capital markets easier and safer for investors.

“The Reserve Bank of India has been utilising technology and innovation to improve the efficiency of its services. The RBI’s developmental role is focused on expanding financial inclusion and executing people-centric initiatives “, RBI Governor Shaktikanta Das stated during the launch of the two schemes.

Also Read: Kamal Haasan To Debut In NFT Space, Launch Digital Avatars On Metaverse

RBI Retail Direct Scheme:

The Reserve Bank Of India (RBI) Retail Direct Scheme is designed to increase retail investors’ access to the government securities market. It enables them with a new way to invest directly in securities issued by the central and state governments. Investors will be able to create and manage a free government securities account with the Reserve Bank over the internet.

The initiative provides retail investors with a one-stop solution for accessing the government securities market – both primary and secondary – as well as the ability to register a gilt securities account with the RBI, through online.

Individual investors can use the web portal to register for the scheme and create a Retail Direct Gilt Account (RDG) with the RBI. This website will also provide users with access to the key issuance of Gsecs and NDS-OM. Reserve Bank of India’s anonymous electronic order matching system for trading govt. securities in the secondary market is known as NDS-OM.

Reserve Bank – Integrated Ombudsman Scheme

The RBI-Integrated Ombudsman Scheme intends to strengthen the grievance redress mechanism for resolving consumer complaints against entities regulated by the RBI. The scheme’s general idea is centred on the concept of a ‘One Nation-One Ombudsman,’ with a single website, email address, and location where users may make complaints. Customers will be able to make complaints, provide documents, track status, and give feedback through a single point of contact. A toll-free hotline in many languages will give all relevant information on grievance redress and assist in submitting complaints.

Complaints that are not covered by the ombudsman scheme will continue to be handled by the Customer Education and Protection Cells (CEPCs) based in the RBI’s 30 regional offices.

- Advertisement -

More articles

- Advertisement -

Latest article