Today PM Modi launched two schemes of the Reserve Bank of India. These two schemes are customer-centric that is focused on deepening the debt market and improving customer grievance redressal mechanism.
The RBI introduced two new schemes – the direct scheme and the integrated ombudsman scheme. PM Modi said that these schemes will widen the horizons of investment in India and make way to capital markets which will be easier and secure for investors.
PM Modi said that previously common citizens didn’t have access to services like pension, insurance, it used to be exclusive to government employees only and not to people from poor families, women, small traders-businessmen, Dalits etc. PM Modi criticized that the people who had to take these facilities to the needy never paid attention to them and there was no proper system in providing the banking facilities to poor people and there was no awareness as well.
RBI Governor Shaktikanta Das stated that RBI is working towards improving the efficiency of such services. Let’s take a look at the two schemes and their key features.
RBI Retail Direct Scheme – Key Features
- This scheme aims to enhance access to government securities for retail investors.
- This scheme will give the investors a chance to directly invest in government securities that are issued by the Centre and the state governments. The retail investors will be able to manage the accounts online for free.
- Along with these, RBI will also offer many other benefits like Treasury bills, state development loans, and sovereign gold bonds.
- The scheme is available in India and some other selected countries.
Reserve Bank-Integrated Ombudsman Scheme – Key Features
- According to the RBI statement, RB-IOS is aimed to enhance the grievance redress mechanism. It aims to resolve customer complaints against various issues. The PM said that under this scheme there will be one portal, one Email ID and one address where customers can submit their complaints, as per the PTI report.
- It will also centralize all complaints and other processes involved in banking.
- There will be a single point of contact where customers can file their complaints, submit documents, track the status of their complaints and give feedback. Also, a multi-lingual toll-free number will be provided to customers where they can contact to file their complaints.
For more breaking news, click here.