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PM Modi launches RBI’s two innovative schemes for investors

By Ruchi Upadhyay 
Updated Date

New Delhi: Prime Minister Narendra Modi on Friday launched Reserve Bank of India’s two innovative customer-centric initiatives. These initiatives are the RBI Retail Direct Scheme and the Reserve Bank – Integrated Ombudsman Scheme.

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Speaking on the occasion, he said that the new initiatives will increase investment avenues and make accessing capital market easier and safer.

“Small investors will get direct access to investing in government securities market,” he said.

The Prime Minister mentioned that a strong banking system is essential for an economy, adding that ease of investment, trust of common man on the banking system as important as financial inclusion and ease of access.

“In the last 7 years, NPAs have been recognised in a transparent manner; resolution and recovery emphasised,” he said on reforms in the banking sector.

Notably, 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.

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Ravi Singh, Head of Research & Vice President, ShareIndia, said that the retail direct scheme offered by RBI is a good opportunity for retail investors to invest in government securities, sovereign bonds etc.

“It is the first time in India when retail investors will have an option of a simple and direct channel for investment in government securities. The government securities offer a low risk and low return on the investment as compared to investment in equity or asset. We advise retail investors must diversify their investment and go for this advantage to have a better and safe return,” he said.

Siddharth Maurya, Resource Specialist- Fund Management, said that the launch of the RBI Direct scheme will enable investors to directly invest in central government securities, sovereign gold bonds, state development loans, etc. This is a positive initiative towards building more robust and inclusive financial systems.

“Simultaneously, it will enable individual investors to play out directly in risk-mitigated financial instruments and make elevated yields. This is also a step towards building a vibrant digital economy,” he said.

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