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.

Key Highlights:

  • The two schemes are 
  1.  RBI Retail Direct Scheme.
  2.  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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