“Retail Direct Scheme will give strength to the inclusion of everyone in the economy as it will bring in the middle class, employees, small businessmen and senior citizens with their small savings directly and securely in government securities”
Prime Minister Narendra Modi launched two innovative and customer-centric initiatives of the Reserve Bank of India (RBI) through video-conferencing today on November 12. 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 easing access to government securities market for retail investors. The schemes are aimed at deepening the debt market and improve customer grievance redressal mechanism. The RBI Retail Direct 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. It offers them a new avenue for directly investing in securities issued by the Government of India and the state governments. The investors will be able to easily open and maintain their government securities accounts online with the RBI for free, the statement said. The scheme places India in a list of select few countries offering such a facility. The Reserve Bank-Integrated Ombudsman Scheme (RB-IOS is aimed at further improving the grievance redress mechanism for resolving customer complaints against entities regulated by the central bank, it said. As per the PMO, the central theme of the scheme 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.
“Retail Direct Scheme will give strength to the inclusion of everyone in the economy as it will bring in the middle class, employees, small businessmen and senior citizens with their small savings directly and securely in government securities”
“One of the biggest touchstones of a democracy is the strength of its grievance redressal system. The Integrated Ombudsman Scheme will go a long way in that direction," says PM
UPI has become the world's leading country in terms of digital transactions in a very short span of time. In just 7 years,India has jumped 19 times in terms of digital transactions. Today our banking system is operational 24 hours, 7 days and 12 months anytime, anywhere in the country: PM
Till 6-7 years ago, banking, pension, insurance, everything used to be like an exclusive club in India. Common citizens of the country, poor families, farmers, small traders-businessmen, women, dalits-deprived-backward, all these facilities were far away for all of them. The people who had the responsibility of taking these facilities to the poor also never paid any attention to it. Rather, various excuses were made for not changing. It was said that there is no bank branch, no staff, no internet, no awareness, no idea what were the arguments, says PM
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, says PMModi.
To further strengthen the banking sector, cooperative banks were also brought under the purview of RBI. Due to this the governance of these banks is also improving and the trust in this system is getting stronger even among the lakhs of depositors who are there: PM
In the last 7 years, NPAs were recognized with transparency, The focus was on resolution and recovery, Public Sector Banks were Recapitalized, One after the other reforms were carried out in the financial system and public sector banks, says PM Modi.
RBI's retail direct and the integrated ombudsman scheme will widen the investment horizon for investors and make capital marketsmore accessible to the investors, PMModisaid
Retail direct scheme has given small investors in the country a simple and safe medium of investment in government securities. Similarly, One Nation, One Ombudsman System has taken shape in the banking sector with the Integrated Ombudsman Scheme today.The two schemes that have been launched today will expand the scope of investment in the country and make access to capital markets easier, more secure for investors, says PM.
This period of Amrit Mahotsav, this decade of 21st century is very important for the development of the country. In such a situation, the role of RBI is also very big.I am confident that Team RBI will live up to the expectations of the country, says PM.
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, says RBI GovernorShaktikantaDas
Prime MinisterNarendraModilaunches two customer-centric initiatives of the Reserve Bank of India- the RBI Retail Direct Scheme and the Reserve Bank - Integrated Ombudsman Scheme
Those who want to watch the live streaming of the launch of RBI's retail direct scheme and integrated ombudsman schemecan log in to https://pmindiawebcast.nic.in/