PM Modi launches RBI's two customer-centric initiatives
Prime Minister Narendra Modi launched two innovative customer-centric initiatives of the Reserve Bank of India (RBI) on Friday via video conferencing.
New Delhi: Prime Minister Narendra Modi launched two innovative customer-centric initiatives of the Reserve Bank of India (RBI) on Friday via video conferencing. These initiatives are the RBI Retail Direct Scheme and the Reserve Bank - Integrated Ombudsman Scheme.
Prime Minister Narendra Modi said, "The two schemes- the RBI Retail Direct Scheme and the Reserve Bank- Integrated Ombudsman Scheme- launched today 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".
"With the RBI Retail Direct Scheme, small investors in the country have got a safe medium of investment in government securities. With Reserve Bank- Integrated Ombudsman Scheme, 'One Nation, One Ombudsman System' has taken shape in the banking sector today".
The RBI Retail Direct Scheme is aimed at enhancing access to the government securities market for retail investors. It offers them a new avenue for directly investing in securities issued by the Government of India and the State Governments. Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost.
The Reserve Bank - Integrated Ombudsman Scheme aims to further improve the grievance redress mechanism for resolving customer complaints against entities regulated by RBI. The central 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. There will be a single point of reference for customers to file their complaints, submit the documents, track status and provide feedback. A multi-lingual toll-free number will provide all relevant information on grievance redress and assistance for filing complaints.
