PM Narendra Modi to launch two RBI initiatives:
Why in the news?
Prime Minister Narendra Modi launched two Reserve Bank of India initiatives on November 12, 2021 through video conferencing. with a view to provide opportunities to retail investors to participate in the government securities market and contribute towards nation-building.
- The two schemes are
- RBI Retail Direct Scheme.
- The Reserve Bank - Integrated Ombudsman Scheme.
- These schemes would expand the scope for investment and improve customer grievance redressal mechanism.
RBI Retail Direct Scheme:
- The RBI Retail Direct Scheme is aimed at enhancing access to the government securities market for retail investors. It offers retail investors a new avenue for directly investing in the securities issued by the center and the state governments.
- This Scheme was announced in February 2021.
- The initiative was first flagged by RBI Governor Shaktikanta Das.
Reserve Bank - Integrated Ombudsman Scheme:
- The Reserve Bank - Integrated Ombudsman Scheme is aimed at further improving the grievance redress mechanism for resolving customer complaints against entities regulated by the central bank.
- The main theme of the scheme is 'One Nation-One Ombudsman' with one portal, one address and one email for the customers to lodge their complaints.
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