PM Modi launches two innovative customer centric initiatives of the RBI

Prime Minister Narendra Modi on Friday launched two innovative customer-centric initiatives of the Reserve Bank of India. The two initiatives, namely, the RBI Retail Direct Scheme and the Reserve Bank - Integrated Ombudsman. In his address Modi said, this scheme will expand the scope for investment in the country and it will be easier and secure to access capital markets for the investors. He said, through Retail Direct Scheme, small investors have found an easy and secure medium to invest in government securities. Similarly, through the Integrated Ombudsman Scheme-- One Nation, One Ombudsman has taken a shape in the true sense. He said, with this, each and every complaint of bank customers will be resolved in time and without any kind of trouble. He said the biggest strength of democracy is how strong, sensitive, proactive a country is in grievance redressal system.
The Prime Minister said people are familiar with the major role Government Securities Market plays in the country’s development. He added that the country is striving towards making advancements in physical and digital infrastructure. In addition to this, he said, small investor's efforts and cooperation will be very useful in making an unprecedented investment. Modi said, until now people from middle-class, small businessmen, senior citizens, and those who have small savings had to take the indirect route of mutual funds and insurance to invest in Government Security Market. But, now for secured investment, they have a better option. It will now be easier for the big section of the society to invest directly in Government Securities and to increase the country’s wealth. He said, there is a provision of guaranteed settlement in government securities and small investors will be assured with these schemes. Small investors will be confident of getting good returns, besides, for infrastructure development and to fulfill the aspirations to make new India necessary resources will be made available. He called it a combined strength and efforts of citizens and government to make Aatmanirbhar Bharat.