PM Modi launches RBI schemes to ease access to money markets for small investors, better grievance redres – Times of India

NEW DELHI: Prime Minister Narendra Modi on Friday launched two innovative, customer-centric initiatives of the Reserve Bank of India (RBI), the Retail Direct Scheme and the Integrated Ombudsman Scheme.
The schemes are aimed at easing access to government securities market for retail investors, and for faster grievance redressal.
Speaking at the event through video conferencing, PM Modi said the RBI as a regulator has kept in mind the needs of the common investors. Accessing capital markets, including government securities, will now be easier and hassle free for small investors, he said.
“This period of Azadi ka Amrit Mahotsav, this decade of 21st century is very important for the development of the country. In such a situation, the role of RBI is also very big. I am confident that ‘team RBI’ will live up to the expectations of the country,” the Prime Minister said.
The guaranteed settlement of government securities will assure small investors of lucrative returns, while allowing the government finances to pursue development goals, the Prime Minister said at the launch of the schemes.
The two schemes launched today will expand the scope of investment in the country and make access to capital markets easier and more secure for investors, the PM said.
He also spoke of ‘financial inclusion’ of all segments of the population. The two new schemes will increase investment avenues, make accessing capital market easier and safer. The financial market, that was previously like an ‘exclusive club,’ has now been opened up for all, he said.
The banking system was dealt heavy blows in the years preceding 2014 through corrupt practices, the fallouts of which are being felt even now, Modi said. Much of that has been mitigated through banking reforms. Wilful defaulters have been barred from raising money through stringent checks and balances. In the last 7 yrs, NPAs have been recognised in transparent manner, while resolution and recovery have been emphasised, he said.
At the event, PM spoke of bringing the underprivileged under institutional financing, making the process transparent and fair. Digital transactions in India have jumped 19 folds in the last seven years, he said.
He lauded RBI for being a sensitive and investor friendly regulator.
The PM also launched the Reserve Bank – Integrated Ombudsman Scheme. It 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.
(With agency inputs)