Prime Minister Narendra Modi will launch two Reserve Bank of India initiatives on November 12, 2021 through video conferencing. The two innovative customer-centric initiatives include the RBI Retail Direct Scheme and the Reserve Bank - Integrated Ombudsman Scheme.
Prime Minister Narendra Modi will launch two innovative customer-centric initiatives of the Reserve Bank of India on 12 November via video conferencing. These initiatives are the RBI Retail Direct Scheme and the Reserve Bank - Integrated Ombudsman Scheme: PMO
— ANI (@ANI) November 11, 2021
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RBI Retail Direct Scheme
•The RBI Retail Direct facility was announced in February 2021 to improve access to government securities for retail investors. The scheme offers the investors a new avenue to directly invest in government securities.
•The retail investors will also have the facility to open and maintain the ‘Retail Direct Gilt Account’ with the RBI, free of cost.
•The initiative was first flagged by RBI Governor Shaktikanta Das, calling it a major structural reform in the February policy review.
•The RBI Retail Direct Scheme is a one-stop solution to facilitate investment in Government Securities by individual investors. The investors will have access to bidding in primary auctions along with the central bank’s trading platform for government securities called Negotiated Dealing System-Order Matching Segment.
How to open the Retail Direct Gilt Account?
The Retail Direct Gilt Account can be opened by filling up the online form. An OTP will be sent on the registered mobile number and e-mail id to authenticate and submit the form.
The payment can be made through the net-banking/UPI facility from the linked bank account. The refund, if any, will be credited to the investor’s bank account under a timeline specified by the aggregator.
What are government securities?Government securities are debt issuances issued by the government. It is basically a bond or other type of debt obligation that is issued by a government with a promise of repayment at the time of maturity. The issuances can be used to fund daily operations, military projects and special infrastructure. Government securities are a type of financial investment instrument that offers safe and guaranteed returns to investors. It is ensured that the investors receive the promised returns at the time of the security's maturity. |
Reserve Bank - Integrated Ombudsman Scheme
•The Reserve Bank - Integrated Ombudsman Scheme aims to improve the grievance redress mechanism for resolving customer complaints against entities that are regulated by RBI.
•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.
•Under the scheme, there will be a single point of reference for customers to submit documents, file their complaints, track status of their complaints and provide feedback.
•There will be a multi-lingual toll-free number that will provide all the relevant information for grievance redressal and assistance for filing complaints.
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