'One Nation, One Ombudsman': PM Narendra Modi launches Retail Direct Scheme, Integrated Ombudsman Scheme of RBI
Prime Minister Narendra Modi launched two innovative customer centric initiatives of the Reserve Bank of India (RBI) via video conferencing.
Prime Minister Narendra Modi on Friday launched two innovative customer centric initiatives of the Reserve Bank of India (RBI) via video conferencing. These initiatives are the RBI Retail Direct Scheme and the Reserve Bank - Integrated Ombudsman Scheme. The event was attended by Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das.
Speaking at the launch PM Modi said: "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," as quoted by ANI.
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He further said that in the last 7 years, non-performing assets (NPAs) were recognized with transparency. The focus has been on resolution and multiple reforms were carried out in the financial system and public sector banks.
Prime Minister Narendra Modi launches two customer-centric initiatives of the Reserve Bank of India- the RBI Retail Direct Scheme and the Reserve Bank - Integrated Ombudsman Scheme pic.twitter.com/9xyNk9qTPb
— ANI (@ANI) November 12, 2021
"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," he added.
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: Prime Minister Narendra Modi pic.twitter.com/ajXfnYDFHV
— ANI (@ANI) November 12, 2021
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: PM Modi pic.twitter.com/QFFjsH4TOc
— ANI (@ANI) November 12, 2021
While, RBI Governor Shaktikanta Das said: "RBI has been leveraging technology and 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."
"With the Retail Direct Scheme, retail investors will be able to easily invest in the government securities market, so far only institutional investors were dominant," the governor added.
He further said that through the Ombudsman, the confidence of the customers in the financial system will increase and the grievances of the customers will be resolved easily.
Dr. Ravi Singh, Head of Research & Vice President, ShareIndia
Speaking on the scheme, Dr Ravi Singh, Head of Research & Vice President, ShareIndia said, "The retail direct scheme offered by RBI is a good opportunity for retail investors to invest in government securities, sovereign bonds etc. It is the first time in India when retail investors will have an option of a simple and direct channel for investment in government securities. The government securities offer a low risk and low return on the investment as compared to investment in equity or asset. We advise retail investors must diversify their investment and go for this advantage to have a better and safe return."
It can be noted that the RBI Retail Direct Scheme is aimed at enhancing access to government securities market for retail investors. It offers them a new avenue for directly investing in securities issued by the Government of India and the State Governments.
Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost.
The Reserve Bank - Integrated Ombudsman Scheme aims to further improve the grievance redress mechanism for resolving customer complaints against entities regulated by RBI. The central theme of the scheme is based on ‘One Nation-One Ombudsman’ with one portal, one email and one address for the customers to lodge their complaints.
There will be a single point of reference for customers to file their complaints, submit the documents, track status and provide feedback. A multi-lingual toll-free number will provide all relevant information on grievance redress and assistance for filing complaints.
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