New Delhi | Jagran Business Desk: Prime Minister Narendra Modi launched two consumer-centric initiatives of the Reserve Bank of India (RBI) on Friday (November 12) via video conferencing. The two initiatives are the RBI Retail Direct Scheme and the Reserve Bank Integrated Ombudsman Scheme. With this, the country has opened up the government bond market for retail investors.

Along with PM Modi, Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das were also part of the event.

PM Modi said the two schemes launched will expand the scope of investment in the country and make access to capital markets easier and more secure for investors.

"In the last 7 years, NPAs (non-performing assets) were recognized with transparency. The focus has been on resolution; multiple reforms were carried out in the financial system and public sector banks," he added.


Here's all you need to know about the two schemes.

RBI Retail Direct Scheme

The RBI Retail Direct Scheme will allow retail investors to invest easily in government securities. Investors will be able to directly invest in government securities. According to RBI, the scheme will allow retail investors to open and maintain their government securities account free of cost.

The initiative was first mentioned by the RBI governor in February 2021. He called the scheme a major structural reform. The central bank said investors would have to open and maintain the Retails Direct Gilt Account or RGD with the RBI for investments in government securities.

RBI Integrated Ombudsman Scheme

The RBI Integrated Ombudsman Scheme aims to further improve the grievance redress mechanism for resolving customer complaints against entities regulated by the central bank.

The theme of the scheme is based on “One Nation-One Ombudsman” with one portal, one email address for the customers to lodge their complaints. This means there will be a single point of reference for customers to file complaints against entities, submit documents, track the status of their complaints and provide feedback.

Meanwhile, during the launch event, Shaktikanta Das said, "RBI has been leveraging technology and innovation to enhance the efficiency of its services. RBI's developmental role is focused on further deepening of financial inclusion and undertaking people-centric initiatives."

Posted By: Sugandha Jha