'More Access to Capital Markets for Investors': PM Modi Launches 2 RBI Schemes
PM Modi stated that the customer-centric schemes are aimed at expanding the scope of investment in the country.
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Prime Minister Narendra Modi on Friday, 12 November, virtually launched two initiatives by the Reserve Bank of India (RBI) – the RBI Retail Direct Scheme and RBI Integrated Ombudsman Scheme.
As per a press release by the Prime Minister’s Office (PMO), the RBI Retail Direct Scheme is aimed at including everyone in the economy, and increasing access to the government securities (G-Secs) market for retail investors.
"Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost," the press release added.
Meanwhile, the Reserve Bank-Integrated Ombudsman Scheme will look at strengthening the grievance redress mechanism for resolving customer complaints against entities regulated by RBI.
The basis of this will be a 'One Nation-One Ombudsman’ with one portal, where all customers can file their complaints. Further, a multi-lingual toll-free number will give all information regarding grievance redressal and help in registering complaints.
At the launch, the PM added, "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," news agency ANI quoted.
(With inputs from ANI.)
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