PM Narendra Modi Launches 2 Customer-Centric RBI Schemes

IMAGE CREDITS : NDTV INDIA

On 12th November, Prime Minister Narendra Modi launched two customer-centric initiatives of the Reserve Bank of India (RBI). The RBI Retail direct scheme and the integrated ombudsman scheme are aimed at deepening the debt market and ameliorate customer grievance redressal mechanism.

This scheme permits retail investors to buy government bonds.Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das also attended the event. The two schemes — the retail direct scheme and the integrated ombudsman scheme will be launched with a view to facilitate access to government securities market for retail investors. It offers them a new avenue for explicitly investing in securities issued by the Government of India and the state governments. Moreover, the investors will be able to easily open and maintain their government securities accounts online with the RBI for free, the statement said. The aforementioned scheme places India in a list of select few countries offering such a facility. This scheme is aimed at enhancing access to the government securities market for retail investors, the Prime Minister’s Office (PMO) has said in a statement. According to the PMO, the focal point of the scheme is “One Nation-One Ombudsman” with one portal, one e-mail address and one postal address for the customers to lodge their complaints.

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