New Delhi | Jagran Business Desk: Prime Minister Narendra Modi on Friday said that a strong banking system is essential for an economy. Speaking at the launch of Reserve Bank of India's two customer-centric initiatives, the Prime Minister said that these initiatives will increase investment avenues, make accessing the capital market easier, safer.

The RBI on Friday launched two schemes - RBI Retail Direct Scheme and the Reserve Bank-Integrated Ombudsman Scheme.

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

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

"With Reserve Bank-Integrated Ombudsman Scheme, 'One Nation, One Ombudsman System' has taken shape in the banking sector today," he added.

Speaking on the reforms in the baking sector, PM Modi said that in the last seven years, the non-performing assets (NPAs) have been recognised in a transparent manner.

"The focus has been on resolution; multiple reforms were carried out in the financial system and public sector banks," he said.

He also emphasised on gaining the trust of the common man in the banking system.

"Ease of investment, trust of the common man on the banking system as important as financial inclusion and ease of access," he said.

RBI Retail Direct Scheme

This scheme has been launched with an aim of enhancing access to the government securities market for retail investors. It offers a new avenue for directly investing in securities issued by the Government of India and the state governments. Apart from this, the investors will be able to easily open and maintain their government securities account online with the RBI at no extra cost.

Reserve Bank-Integrated Ombudsman Scheme

This scheme will further improve the grievances redressal mechanism for resolving customer complaints against entities regulated by the RBI. The 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.

Customers will be able to lodge their complaints, submit the documents, track status and provide feedback through a single point of reference. A multi-lingual toll-free helpline number will also provide all relevant information on grievance redress and assistance for filing complaints.

Posted By: Subhasish Dutta