PM to launch two innovative customer centric initiatives of RBI

What is the News?

The Prime Minister has launched two innovative customer centric initiatives of the Reserve Bank of India.

Which two customer centric initiatives of the RBI have been launched?

RBI Retail Direct Scheme 

Aim: To enhance access to the government securities market for retail investors.

Under the scheme, retail investors will be able to easily open and maintain their government securities account online with the RBI, free of cost.

RBI had announced the scheme in its February 2021 monetary policy

Through this account, they can directly invest in securities issued by the Government of India and the State Governments.

Reserve Bank – Integrated Ombudsman Scheme

Aim: To further improve the grievance redress mechanism for resolving customer complaints against entities regulated by RBI.

The scheme is based on ‘One Nation-One Ombudsman’. This means that there will be one portal, one email, and one address for customers to file their complaints.

There will also be a multilingual toll-free number that will provide all relevant information on grievance redress.

The complaints not covered under the ombudsman scheme will continued to be attended to by the Customer Education and Protection Cells (CEPCs) located in regional offices of RBI.

What is the significance of these initiatives?

With the launch, India has opened up Government bond market for the retails investors.

Moreover, it will increase investment avenues, make accessing capital market easier, safer.

Source: This post is based on the article “PM to launch two innovative customer centric initiatives of RBI ” published in PIB on 12th November 2021.