PM Narendra Modi launched 2 new RBI initiatives today to enhance the scope for investors
Prime Minister Narendra today on 12th November launched two greatly admirable customer centric initiatives of the Reserve Bank of India. He discussed about it in a video conference which was also attended by Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das. The scheme are the RBI Retail Direct Scheme and the Reserve Bank – Integrated Ombudsman Scheme.
RBI Governor Shaktikanta Das during the virtual release of the Scheme said, “RBI has been leveraging technology & innovation for enhancing the efficiency of it services. RBI’s developmental role is focused on further deepening of financial inclusion and undertaking people centric initiatives”.
- RBI Retail direct Scheme
It will work on enhancing access to the government securities market for Retail investors. It will provide the investors with a new path as they can directly invest in securities issued by both the central government of India and the state governments. Prime Minister Modi stated about the Scheme, “Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost.” Now India will also be one of those few countries who offer this facility to investors.
- RBI Integrated Ombudsman Scheme
This Scheme will work on enhancing the grievance redress mechanism for resolving the various customer complaints issued against authorities regulated by the Central Bank. According to the PMO, the Scheme is completely based on ‘One Nation-One Ombudsman’ with one portal, one email, and one address for the customers to lodge their complaints.
With the enactment of this Scheme, the customers will be able to issue complaints, submit documents, track status, and give feedback through a single email address. There will also be a multi-lingual toll-free number registered from where the customers can get any relevant information on grievance redressal. The redressal will be totally cost-free.
Narendra Modi mentioned that the Scheme will help to attract investors in the country by making capital markets easier and more secure. It will also add to the scope of investing.
