Modi LIVE at RBI schemes launch: Prime Minister Narendra Modi has launched two innovative, customer-centric initiatives of Reserve Bank of India (RBI) — the retail direct scheme and the integrated ombudsman scheme — via video-conferencing on Friday. RBI’s Retail Direct scheme will enable small investors to participate in the government’s bond market for their financial security. PM Modi said that these two new schemes will unlock India’s $1.1 trillion bond market to retail buyers in the government bond sector. RBI’s retail direct, integrated ombudsman schemes can help the large and small scale retail investors for guaranteed investments with direct participation, offering security and safety.
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. Siddharth Maurya, Resource Specialist- Fund Management
PM Narendra Modi said that digital penetration will improve and redefine the true financial inclusion in the Indian economy
RBI’s people-centric schemes are a gateway to India’s ‘Aatmanirbharta’
Retail direct, and the integrated Ombudsman schemes will offer ease of banking, access and investments for India’s ‘Aam Nagrik’
PM Narendra Modi said that the new RBI schemes will directly benefit 4 crore loan account holders and 220 crore deposit account holders. With the help of technology and smart financial planning, these two schemes will ease the burden of banks
PM Narendra Modi said that in the last seven years, NBFs have gained recognition with a focus on resolution and recovery; capitalisation of PSUs & various other reforms to benefit the Indian economy and the people.
PM Modi said that the Reserve Bank – Integrated Ombudsman Scheme is based on ‘One Nation-One Ombudsman’ for the ease of retail investors via one portal for complaints, queries & more
RBI’s retail direct, integrated ombudsman schemes can help the large and small scale retail investors for guaranteed investments with direct participation, offering security and safety
The new schemes will unlock India’s $1.1 trillion bond market to retail buyers in the government bond sector, PM Modi said
As a regulator, RBI has collaborated with other financial organizations to introduce efforts to boost India’s economy for the participation & development of the common man: PM (MyGovIndia)
RBI’s Retail Direct scheme will enable small investors to participate in the government’s bond market for their financial security, PM Modi said
RBI’s retail direct and the integrated ombudsman scheme will widen the investment horizon for investors and make capital markets more accessible to the investors, PM Modi said
Virtual launch of RBI’s innovative schemes by PM https://t.co/65QDDwFXw5
— ReserveBankOfIndia (@RBI) November 12, 2021
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RBI Governor Shaktikanta Das launched two people-centric schemes — the retail direct scheme and the integrated ombudsman scheme.
PM Narendra Modi has begun the launch of two RBI schemes
PM Narendra Modi to shortly launch RBI’s two people-centric schemes — the retail direct scheme and the integrated ombudsman scheme.
There will be a single point of reference for the customers to file their complaints, submit documents, track the status of their complaints and provide feedback. A multi-lingual toll-free phone number will provide all the relevant information on grievance redress and assistance for filing complaints.
No fee will be charged for opening and maintaining a ‘Retail Direct Gilt account’ with RBI.No fee will be charged by the aggregator for submitting bids in the primary auctions.Fee for payment gateway etc., as applicable, will be borne by the registered investor.
As for the Retail Direct scheme, people can access the online portal to open securities accounts with the central bank, bid in primary auctions and buy and sell the papers. No fee will be charged for any service. The payment for transactions can be made by them through internet-banking and the UPI, using their savings bank accounts. Investor support facility will be made available via telephone, email as well as online. Providing transaction and balance statement, nomination facility, pledge/lien and gift transactions, etc, will be available.
Customers will be able to lodge complaints, submit documents, track status, and give feedback through a single email address under the new scheme. There will also be a multi-lingual toll-free number that will provide all relevant information on grievance redress. This mechanism will continue to be free for customers. The complaints that are not covered under the ombudsman scheme will continued to be addressed by the Customer Education and Protection Cells located in the 30 regional offices of the RBI
The Integrated Ombudsman scheme, aims at bolstering the grievance redress mechanism for resolving customer complaints against entities regulated by the RBI, such as banks, NBFCs and non-bank payment system participants. This scheme will be based on ‘One Nation-One Ombudsman’ with one portal, one email, and one address for the customers to lodge their complaints. At present, RBI has three separate ombudsmen — for banks, NBFCs and digital payments. These are operated from 22 RBI ombudsman offices across the country. These will be integrated into one centralised scheme to make the grievance redress mechanism simpler and much more effective.
Under the Retail Direct scheme, people can invest in central government securities, treasury bills, state development loans and sovereign gold bonds through a portal. It will propel India into the league of a few country that currently offer such a facility. “Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost,” the PMO said.
Prime Minister Narendra Modi will launch on Friday two crucial customer-centric initiatives of the Reserve Bank of India (RBI) to enable retail investors to directly invest in government securities for the first time, and to improve the grievance redress mechanism for resolving customer complaints against banks and other entities regulated by the central bank.
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i) Open and maintain a ‘Retail Direct Gilt Account’ (RDG Account)ii) Access to primary issuance of Government securitiesiii) Access to NDS-OM
‘Retail Direct Investors’ will have an online facility to gift government securities to other Retail Direct Investors, RBI circular said.
“To make the alternate dispute redress mechanism simpler and more responsive to the customers of regulated entities, it has been decided to implement, inter alia, integration of the three Ombudsman schemes and adoption of the ‘One Nation One Ombudsman’ approach for grievance redressal,” Governor Shaktikanta Das said in February this year
The PMO said the central theme of the scheme is based on “One Nation-One Ombudsman” with one portal, one e-mail address and one postal address for the customers to lodge their complaints. PTI
i. Retail investors (individuals) will have the facility to open and maintain the ‘Retail Direct Gilt Account’ (RDG Account) with RBI.ii. RDG Account can be opened through an ‘Online portal’ provided for the purpose of the scheme.iii. The ‘Online portal’ will also give the registered users the following facilities:
Access to primary issuance of Government securities & access to NDS-OM.
Reserve Bank of India in a tweet said PM Narendra Modi will launch two people-centric schemes of Reserve Bank of India (RBI) in presence of FM Nirmala Sitharaman and RBI Governor Shaktikanta Das
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 simple and direct channel for investment in government securities. The government securities offers 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. Ravi Singh, VP & Head of Research, Share India Securities
