New Delhi: Prime Minister Narendra Modi launched two customer-centric schemes by the Reserve Bank Of India in a virtual conference. PM Modi launched the 'RBI Retail Direct Scheme' and the Reserve Bank - Integrated Ombudsman Scheme today.
Union Finance Minister Nirmala Sitharaman and RBI governor Shaktikanta Das were present during the launch ceremony.
After launching the two schemes, PM Modi said that the two schemes- the RBI Retail Direct Scheme and the Reserve Bank- Integrated Ombudsman Scheme- launched today will expand the scope of investment in the country and make access to capital markets easier and more secure for investors.
PM Modi said, " Today, when the country is making unprecedented investments to build digital and physical infrastructure, the participation of every investor is going to be key. Under the Integrated Ombudsman Scheme, 'One Nation, One Ombudsman' has taken shape. This will ensure that every customer redressal will happen hassle-free and in a time-bound manner."
PM Modi further said, "In the retail direct scheme, the small investors of our country have found a safe and easy way to invest in govt securities. I am certain that RBI will fulfil the expectations of the nation. In the last 6-7 years, the Central govt has worked to fulfill the aspirations of the common Indian. RBI has also taken several steps, keeping the common Indian in mind."
PM Modi also said, "With the RBI Retail Direct Scheme, small investors in the country have got a safe medium of investment in government securities. With Reserve Bank- Integrated Ombudsman Scheme, 'One Nation, One Ombudsman System' has taken shape in the banking sector today."
The two innovative schemes will allow retail investors to open and maintain their government securities account free of cost and will aim to further improve the grievance redress mechanism for resolving customer complaints against entities regulated by the central bank.
RBI Governor Shaktikanta Das had first flagged this initiative in a February policy review while calling it a “major structural reform". In July, the central bank said investors will have access to bidding in primary auctions as well as the central bank’s trading platform for government securities called Negotiated Dealing System-Order Matching Segment, or NDS-OM.
The ‘RBI Retail Direct’ scheme is a one-stop solution to facilitate investment in Government Securities by individual investors. Under the scheme, retail investors (individuals) will have the facility to open and maintain the ‘Retail Direct Gilt Account’ (RDG Account) with RBI.
The Integrated Ombudsman Scheme's central theme is based on "One Nation-One Ombudsman" with one portal, one e-mail address, and one postal address for the customers to lodge their complaints.
The PMO said in a statement that there will be a single point of reference for the customers to file their complaints, submit documents, track the status of their complaints and provide feedback. A multi-lingual toll-free phone number will provide all the relevant information on grievance redress and assistance for filing complaints.