Governor of the Reserve Bank of India (RBI) Shaktikanta Das said on Friday that the RBI Retail Direct Scheme and the Reserve Bank Integrated Ombudsman Scheme will help India's transition to a more inclusive and responsive financial system. "The launch of the RBI Retail Direct Scheme and the Reserve Bank Integrated Ombudsman Scheme would give India's journey toward a more inclusive and responsive financial system a boost," stated RBI Governor.
The RBI Retail Direct Scheme aims to improve retail investors' access to the government securities market. It gives customers a new way to invest directly in securities issued by the Indian government and state governments. Investors will be able to open and manage government security account with the RBI online for free.
The Reserve Bank's Integrated Ombudsman Scheme intends to strengthen the grievance redress system for customer complaints against RBI-regulated firms. The scheme's fundamental premise is 'One Nation-One Ombudsman,' with one portal, one email, and one address for customers to make complaints. Customers will be able to make grievances, provide documents, track status, and provide comments through a single point of contact.
Nirmala Sitharaman, the Union Finance Minister, praised Prime Minister Narendra Modi for the initiatives. Prime Minister Narendra Modi today announced the Reserve Bank of India's two new customer-centric initiatives.
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