NE BUSINESS BUREAU
NEW DELHI, NOV 12
Prime Minister Narendra Modi launched two innovative and customer-centric initiatives of the Reserve Bank of India (RBI) through video-conferencing on Friday.
Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das also attended the event.
The two schemes – the retail direct scheme and the integrated ombudsman scheme – will be launched with a view to easing access to government securities market for retail investors.
The schemes are aimed at deepening the debt market and improve customer grievance redressal mechanism. The RBI Retail Direct Scheme is aimed at enhancing access to the government securities market for retail investors, the Prime Minister’s Office (PMO) has said in a statement.
Addressing the event, the Prime Minister praised the Finance Ministry and institutions like RBI for their efforts during the pandemic. “This period of Amrit Mahotsav, this decade of the 21st century is very important for the development of the country. In such a situation, the role of RBI is also very big. I am confident that Team RBI will live up to the expectations of the country”, the Prime Minister said.
Referring to the two schemes that have been launched today, the Prime Minister said that these schemes will expand the scope of investment in the country and make access to capital markets easier, more secure for investors. Retail direct scheme has given small investors in the country a simple and safe medium of investment in government securities. Similarly, One Nation, One Ombudsman System has taken shape in the banking sector with the Integrated Ombudsman Scheme today, he said.
- To further strengthen the banking sector, cooperative banks were also brought under the purview of RBI. Due to this the governance of these banks is also improving and the trust in this system is getting stronger even among the lakhs of depositors who are there.
- In the last 7 years, NPAs were recognized with transparency, The focus was on resolution and recovery, Public Sector Banks were Recapitalized, One after the other reforms were carried out in the financial system and public sector banks.
- Ease of investment, trust of the common man on the banking system as important as financial inclusion and ease of access:
- A strong banking system is essential for an economy.
- RBI’s retail direct and the integrated ombudsman scheme will widen the investment horizon for investors and make capital markets more accessible to the investors.
The Prime Minister emphasized the citizen centric nature of these schemes. He said that one of the biggest touchstones of any democracy is the strength of its grievance redressal system. The Integrated Ombudsman Scheme will go a long way in that direction. Similarly, the Retail Direct Scheme will give strength to the inclusion of everyone in the economy as it will bring in the middle class, employees, small businessmen and senior citizens with their small savings directly and securely in government securities. As Government securities have the provision of guaranteed settlement, this gives assurance of safety to the small investor, he said.
