Prime Minister Narendra Modi launched 2 innovative customer-centric initiatives of the Reserve Bank of India through video conferencing today, November 12, 2021.
RBI Governor Shaktikanta Das and Union Finance Minister Nirmala Sitharaman also attended the event. These initiatives are RBI Retail Direct Scheme and Reserve Bank – Integrated Ombudsman Scheme.
Prime Minister Narendra Modi launched schemes for retail investors to increase access to the government securities market and make them nation builders. The schemes also aim to deepen the debt market and improve the customer grievance redressal mechanism.
What is RBI Retail Direct Scheme?
RBI Retail Direct Scheme provides a new opportunity for direct investment in securities issued by the Government of India and State Governments. Investors will be able to easily open and maintain their Government Securities Account online with the RBI, free of cost.
RBI Retail Direct Scheme allows retail investors to buy and sell government securities (G-Secs) online in both primary and secondary markets. As per the details provided by RBI, these small investors can now invest in government securities (G-Secs) by opening a Gilt Securities account with RBI. The account opened will be called Retail Direct Gilt (RDG) Account.
Who can open the RDG account?
As per the notification issued by RBI on July 12, 2021, a retail investor can open an RDG account if he has the following:
- Rupee Savings Bank Account maintained in India
- Any officially valid document like Aadhaar, Voter ID for KYC purposes
- PAN issued by the Income Tax Department
- Registered mobile number
- Valid email id
RDG account can be opened singly or jointly with any other retail investor who fulfils the eligibility criteria.
How to register on the online portal?
Investors can register on the online portal by filling the online form and using the OTP received on the registered mobile number and email ID to verify the information. On successful registration, a ‘Retail Direct Gilt Account’ will be opened and details will be given through SMS/e-mail to access the online portal.
What is Reserve Bank – Integrated Ombudsman Scheme?
Another initiative, the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), aims to further improve the grievance redressal mechanism for redressal of customer complaints against entities regulated by the Reserve Bank of India.
Ombudsman is an appellate body where if the financial institution fails to resolve the complaint within 30 days, the customer can lodge a complaint. Even when the customer is not satisfied with the solution given or clarification given by the financial institution, they can approach the Ombudsman.
How will this scheme work?
The central theme of the scheme is based on ‘One Nation-One Ombudsman’ with one portal, one email and one address for customers to register their grievances. There will be a single reference point for customers to register their complaints, submit documents, track the status and provide feedback. A multilingual toll-free number will provide all relevant information regarding grievance redressal and assistance in lodging complaints.
With the launch of this scheme, India now stands among the few countries offering such a facility.
Pingback: kaufe tv billig
Pingback: how to fake your id
Pingback: official statement
Pingback: ประตูไม้เทียม
Pingback: Study in Africa