Monday, December 6, 2021
26 C
New Delhi

Latest Posts

PM Modi Launches Two New RBI Schemes

- Advertisement -

This past Friday, Prime Minister Modi launched two RBI schemes. The respective schemes are titled: RBI Retail Direct Scheme and the Reserve Bank – Integrated Ombudsman Scheme.  In the address PM Modi said: 

With the RBI Retail Direct Scheme, small investors in the country have got a safe medium of investment in government securities.

The initiative opens up the government bond market to retail investors. It will also allow for increased scope of investment, and provide better and more secure access to capital markets. RBI Governor Shaktikanta Das, who was also present at the virtual event, had this to say about these new schemes:

- Advertisement -

RBI has been leveraging technology and innovation for enhancing the efficiency of its services. RBI’s developmental role is focused on further deepening financial inclusion and undertaking people-centric initiatives. According to the Indian Express: 

The move comes at a time when rising inflation adds pressure on the RBI to lift rates. Tighter monetary policy is likely to weaken the demand for bonds, making it challenging for the government to execute its near-record borrowing program.

RBI Retail Direct Scheme

Via this scheme, potential investors will get access to the government securities market. A retail investor can directly invest in securities offered by the state or central government. The investor can open and maintain an account with the RBI free of cost called a Retail Direct Gilt (RDG) Account. To open up an RDG Account, one will need a Rupee savings bank account maintained in India, a PAN card, any officially valid document such as Aadhaar, Voter ID for KYC purposes, a valid email ID and a registered mobile number.

RBI Integrated Ombudsman Scheme 

- Advertisement -

The scheme is set up to resolve customer complaints against RBI’s regulated entities and redress grievances. Based on ‘One Nation-One Ombudsman’, the scheme is aimed at working around one email, one portal, and one address for the customers to lodge their complaints. Jyoti Prakash Gadia, Managing Director of Resurgent India said: 

The single national-level integrated digital portal for the RBI ombudsman scheme is expected to ensure uniformity and streamlined user-friendly mechananism which will add value to the scheme and bring customer delight and financial inclusion. This may help in evolving better processes too, based on a holistic analysis.

Read more news here.

- Advertisement -

- Advertisement -

Latest Posts

Don't Miss