Modi launches RBI's Retail Direct and Integrated Ombudsman Scheme

The Retail Direct scheme will enable investors to make direct investments in Central and State Government securities.

New Delhi: Prime Minister Narendra Modi has launched two schemes of Reserve Bank of India (RBI) through video conferencing. The launch of Retail Direct Scheme and Integrated Ombudsman Scheme will bring many benefits to retail investors. Launching these schemes, Prime Minister Modi said that the Ministry of Finance, RBI and other financial institutions have done a commendable job in the challenging times of Corona.

Modi further said that he was confident that the RBI would live up to the country's expectations. In the last six to seven years, the central government has worked to fulfill the aspirations of ordinary Indians.

The Retail Direct scheme will help increase the investment of retail investors in government securities. The scheme will enable retail investors to make direct investments in securities issued by the Central and State Governments. For this, investors will be able to open a government securities account with the RBI online. They do not have to pay any charge for this.

The Integrated Ombudsman Scheme will facilitate redressal of customer grievances. The consumer will be able to lodge a complaint directly with the RBI through the Integrated Ombudsman Scheme against the whims of financial institutions. The scheme will be launched with the theme One Nation One Ombudsman. Under the scheme, the customer will be able to lodge a complaint with the RBI through a portal, an email horizontally and an address.