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HomeEconomyModi launches 2 RBI schemes to make access to capital markets secure,...

Modi launches 2 RBI schemes to make access to capital markets secure, easier for investors

Prime Minister Narendra Modi launched the two innovative customer centric initiatives of the Reserve Bank of via video conferencing

Prime Minister Narendra Modi on 12 November launched two innovative customer-centric initiatives of the Reserve Bank of India. These initiatives are the RBI Retail Direct Scheme and the Reserve Bank-Integrated Ombudsman Scheme.

Modi launched the two innovative customer centric initiatives of the Reserve Bank of via video conferencing.

Modi said that the two RBI schemes will make access to capital markets secure and easier for investors.

“Small investors will get direct access to investing in government securities market. A strong banking system is essential for an economy,” he said.

The RBI Retail Direct Scheme is aimed at enhancing access to government securities market for retail investors, offering them a new avenue for directly investing in securities issued by the union and 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.

RBI Retail direct Scheme

Through this scheme, a retail investor will get access to the government securities market. This RBI scheme offers a new avenue for directly investing in securities issued by both union and state governments. “Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost,” the Prime Minister’s Office said in a statement.

RBI Integrated Ombudsman Scheme

This will help in improving the grievance redress mechanism for resolving customer complaints against RBI’s regulated entities. IT will do away with the jurisdictional limitations as well as limited grounds for complaints. According to the PMO, the scheme is based on ‘One Nation One Ombudsman’ with one portal, one email, and one address for the customers to lodge their complaints.

Bank customers will be able to file complaints, submit documents, track status, and give feedback, using a single email address. There will also be a multi-lingual toll-free number that will provide all relevant information on grievance redress.

“The single national level integrated digital for the RBI ombudsman scheme is expected to ensure uniformity and streamlined user-friendly mechanism, which will add value to the scheme and bring customer delight and financial inclusion. This may help in evolving better processes too, based on holistic analysis,” Jyoti Prakash Gadia, Managing Director, Resurgent India said.

Now, there will be a single point of reference for customers to file their complaints, submit the documents, track status, and provide feedback.  Under this scheme, there will be a multi-lingual toll-free number will provide all relevant information on grievance redress and assistance for filing complaints. The redress will continue to be cost-free for customers of banks and members of the public.

Complaints that are not covered under the ombudsman scheme will continue to be attended to by the Customer Education and Protection Cells (CEPCs) which are located in the 30 regional offices of RBI.

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