Kashmir Indepth

RBI initiatives will expand scope of investment in country: PM Modi

New Delhi, Nov 12: Prime Minister Narendra Modi on Friday lauded the two innovative customer-centric initiatives of the Reserve Bank of India and said that these two schemes will expand the scope of investment in the country.
“The two schemes- the RBI Retail Direct Scheme and the Reserve Bank- Integrated Ombudsman Scheme- launched today will expand the scope of investment in the country and make access to capital markets easier and more secure for investors,” said PM Modi while stressing that the two innovative customer-centric initiatives of the Reserve Bank of India will make it easier for the investor to access the capital markets.
He added, “With the Retail Direct scheme, small investors in the country have got a simple and safe medium of investment in government securities. Similarly, with the Integrated Ombudsman Scheme, One Nation, One Ombudsman System has taken shape in the banking sector today.”
“This period of Azadi ka Amrit Mahotsav, this decade of 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.
“RBI has been leveraging technology & innovation for enhancing the efficiency of it services. RBI’s developmental role is focused on further deepening of financial inclusion and undertaking people centric initiatives,” RBI Governor Shaktikanta Das said.
The RBI Retail Direct Scheme is aimed at enhancing access to the government securities market for retail investors. It offers them a new avenue for directly investing in securities issued by the Government of India and the State Governments. Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost.
The Reserve Bank – Integrated Ombudsman Scheme aims to further improve the grievance redress mechanism for resolving customer complaints against entities regulated by RBI. The central theme of the scheme is based on ‘One Nation-One Ombudsman’ with one portal, one email and one address for the customers to lodge their complaints.
There will be a single point of reference for customers to file their complaints, submit the documents, track status and provide feedback. A multi-lingual toll-free number will provide all relevant information on grievance redress and assistance for filing complaints.
Meanwhile Prime Minister Narendra Modi on Friday said that in the last seven years, non-performing assets were recognized with transparency in the country and pointed out that multiple reforms were carried out in the financial system and public sector banks in this regard.
“In the last seven years, NPAs were recognized with transparency. The focus has been on resolution; multiple reforms were carried out in the financial system and public sector banks,” the Prime Minister said while speaking at the launch of two customer-centric initiatives of RBI. (Agencies)

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