RBI Scheme Launch: PM Modi on Friday launched two special schemes by the Reserve Bank for investors, know what are they

Publish Date: 12 Nov, 2021 |

RBI Scheme Launch:

Prime Minister Narendra Modi on Friday launched two initiatives of the Reserve Bank of India namely the RBI Retail Direct Scheme and the Reserve Bank Integrated Ombudsman Scheme and during this, PM Modi also praised the work done by RBI during the coronavirus pandemic. The PM launched these schemes for the consumers, which are said to be important, via video conferencing. The event was attended by many big officials of the Center including Union Finance Minister Nirmala Sitharaman, RBI Governor, and Deputy Governor.

PM Modi said, ‘The two schemes that have been launched today will expand the scope of investment in the country and will make it easier, more convenient for investors to access the capital markets.’ Adding further, he said that through the Retail Direct Scheme, Small investors of India will find a safe and easy way to invest in government securities.

The PM further praised the work of the Finance Ministry, the Reserve Bank of India, and other significant financial institutions of the country for the work during the Covid-19 Pandemic.

The PM said, 'Till now, in the government security market, our middle class, employees, small traders, senior citizens had to adopt avenues like bank insurance or mutual funds to invest in securities. Now they are getting another better option of a safe investment. 

“In the last 7 years, NPAs were identified with transparency, the focus was on resolution and recovery, public sector banks were recapitalized, financial system and public sector banks underwent one-on-one reforms,” PM Modi said.

What is RBI Retail Direct Scheme?

According to a release issued by the PMO, the objective of the Reserve Bank of India Retail Direct Scheme is to increase the access of retail investors to the government securities market. Under this, the retail investors will be able to directly invest in securities issued by the Government of India and State Governments. The PMO said, “Investors can easily open online government securities accounts referred to by the Reserve Bank of India and maintain those securities. This service will be free of cost.”

What is the RBI Integrated ombudsman Scheme?

According to the PMO, the objective of the Integrated Ombudsman Scheme is to further improve the grievance redressal system so that the Reserve Bank of India can frame rules for the redressal of customer complaints against institutions. As per the PMO, the theme of the Integrated Ombudsman scheme is based on the concept of 'One Nation-One Lokpal'. Under this, there will be a portal, an e-mail, and an address where customers can file their complaints. Customers can submit their complaints, submit documents, track their complaints/documents status, and give feedback in one place. For this, a multilingual toll-free number will also be provided, which will help in the redressal of complaints and will provide all necessary information regarding filing complaints.


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