On the 12th of November, Mr. Narendra Modi, the Prime Minister of India, launched two innovative schemes of the Reserve Bank of India (RBI.)
Considering retail investors of India Mr. Narendra Modi launched the customer oriented initiatives of the Retail Direct Scheme and the integrated ombudsman scheme. The launch event was held through a video conferencing and was attended by Ms. Nirmala Sitharaman, the Finance Minister of India and Mr. Shaktikanta Das, the Governor of the RBI.
The schemes were launched to ease access to the government securities market for retail investors. In addition, the two new schemes would also deepen The debt market and improve customer grievance redressal mechanisms.
During the inauguration event, Mr. Narendra Modi said, “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.” He further said, “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.”
Under the new Retail Direct Scheme, retail investors would be able to have a direct investment in securities issued by the Central Government and state governments with transparency. In addition, they can access their securities account with the RBI for free of cost
The other scheme, 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.
The major theme of the two new schemes are the idea of “One Nation-One Ombudsman” with one portal, one e-mail address and one postal address for the customers to lodge their complaints.
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