PM Launches Retail Direct, Integrated Ombudsman Schemes To Aid Investors

Prime Minister Shri Narendra Modi used a video conference to launch two novel customer-centric RBI initiatives, the Retail Direct Scheme and the Reserve Bank - Integrated Ombudsman Scheme.

Smt. Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs, and Shri Shaktikanta Das, Governor of the Reserve Bank of India, were also present at the occasion.

The Prime Minister lauded the Finance Ministry and organizations such as the RBI for their efforts during the pandemic while speaking at the ceremony.
"This period of Amrit Mahotsav, this decade of the 21st century is very important for the development of the country. In such a situation, the role of RBI is also very big. I am confident that Team RBI will live up to the expectations of the country", the Prime Minister said.

The Prime Minister added that the two programs that were announced today will broaden the scope of investment in the country and make access to financial markets easier and more secure for investors. Small investors in the country now have an easy and safe way to participate in government assets thanks to the Retail Direct Scheme. Similarly, he said, the Integrated Ombudsman Scheme has taken shape in the financial sector as part of the One Nation, One Ombudsman System.

RBI Retail direct Scheme

A retail investor can gain access to the government securities market through this program. This program provides a new way to invest directly in securities issued by both the federal and state governments. The Prime Minister's Office announced in a statement that "investors would be able to simply open and maintain their government securities account with the RBI online at no cost."

RBI Integrated Ombudsman Scheme

This will aid in the resolution of customer complaints against RBI-regulated firms by enhancing the grievance redress procedure. It will eliminate jurisdictional restrictions and limited grounds for complaint. The concept is built on 'One Nation-One Ombudsman,' according to the PMO, with one portal, one email, and one address for users to make complaints.

UPI

In a short period of time, the Prime Minister claimed, UPI had made India the world's leading country in terms of digital transactions. In just seven years, India has seen a 19-fold increase in digital transactions. Today, our financial system is available 24 hours a day, seven days a week, and twelve months a year, wherever in the country, Shri Modi stated.

The Prime Minister stated that we must prioritize the needs of the country's citizens and continue to build investor confidence. "I am optimistic that RBI would maintain India's new image as a sensitive and investor-friendly location." The Prime Minister came to a conclusion.