{"id":146524,"date":"2021-11-13T20:05:16","date_gmt":"2021-11-13T14:35:16","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=146524"},"modified":"2021-11-17T13:40:49","modified_gmt":"2021-11-17T08:10:49","slug":"pm-launches-2-rbi-schemes-all-about-the-central-bank-initiatives","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/pm-launches-2-rbi-schemes-all-about-the-central-bank-initiatives\/","title":{"rendered":"PM launches 2 RBI schemes. All about the central bank initiatives"},"content":{"rendered":"\n<h5><b style=\"color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\">What is the News?<\/b><\/h5>\n<p><span style=\"font-weight: 400;\">Prime Minister has launched two innovative customer-centric initiatives of RBI, viz. Retail Direct Scheme and the Reserve Bank &#8211; Integrated Ombudsman Scheme.<\/span><\/p>\n<h5><b>What is a Retail Direct Scheme?<\/b><\/h5>\n<p><span style=\"font-weight: 400;\">The Retail Direct Scheme <\/span><span style=\"font-weight: 400;\">allows retail investors to invest in government securities (G-Sec) by opening a gilt security account with the RBI. The account opened will be called <strong>Retail Direct Gilt(RDG) Account.<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\">From this RDG account, retail investors <strong>can buy <\/strong><\/span><span style=\"font-weight: 400;\"><strong>bonds sold by the<\/strong> central government, state development loans, or bonds issued by state governments, and sovereign gold bonds, whose price is linked to gold.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the participation and allotment of securities will be as per the <strong>non-competitive scheme,<\/strong> which<\/span><span style=\"font-weight: 400;\"> means investors can submit bids without specifying a price. The bonds get allotted to the investors at a price established by competitive bidding among financial institutions.<\/span><\/p>\n<h5><b>What is <\/b><b>Reserve Bank &#8211; Integrated Ombudsman Scheme?<\/b><\/h5>\n<p><span style=\"font-weight: 400;\">The scheme is <\/span><span style=\"font-weight: 400;\">aimed at further improving the grievance redress mechanism for resolving customer complaints against entities regulated by the RBI.<\/span><\/p>\n<table style=\"border-collapse: collapse; width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\">Read more: <a href=\"https:\/\/forumias.com\/blog\/pm-to-launch-two-innovative-customer-centric-initiatives-of-rbi\/\" target=\"_blank\" rel=\"noopener\">PM to launch two innovative customer centric initiatives of RBI<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>What is an Ombudsman<\/b><span style=\"font-weight: 400;\">?<\/span><\/p>\n<p><b>Ombudsman <\/b><span style=\"font-weight: 400;\">is a public authority that consumers can approach if they are not satisfied with the grievance redressal mechanism of a financial institution<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>Until now, there were three different ombudsman schemes<\/b><span style=\"font-weight: 400;\"> for the three categories of financial intermediaries: <\/span><span style=\"font-weight: 400;\">Banking Ombudsman Scheme(BOS) launched in 1995, Ombudsman Scheme for Non-Banking Financial Companies(OS-NBFC),2018 and the Ombudsman Scheme for Digital Transactions (OSDT),2019.<\/span><\/p>\n<p><b>But now an integrated ombudsman scheme <\/b><span style=\"font-weight: 400;\">has been launched. It covers banks, non-bank lenders and other entities that the RBI regulates.<\/span><\/p>\n<p><b>Source: <\/b><span style=\"font-weight: 400;\">This post is based on the following articles:\u00a0<\/span><\/p>\n<ul>\n<li><b>\u201c<\/b><b>PM launches 2 RBI schemes. All about the central bank initiatives<\/b><b>\u201d<\/b><span style=\"font-weight: 400;\"> published in <\/span><b>Hindustan Times on 13th November 2021<\/b><\/li>\n<li><b>\u201cPM launches schemes for financial inclusion\u201d <\/b><span style=\"font-weight: 400;\">publishe<\/span><span style=\"font-weight: 400;\">d in <\/span><b>Livemint on 13th November 2021.<\/b><\/li>\n<li><b>\u201c<\/b><b>PM launches two innovative customer centric initiatives of RBI\u201d <\/b><span style=\"font-weight: 400;\">publishe<\/span><span style=\"font-weight: 400;\">d in<\/span> <b>Livemint on 13th November 2021.<\/b><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>What is the News? Prime Minister has launched two innovative customer-centric initiatives of RBI, viz. Retail Direct Scheme and the Reserve Bank &#8211; Integrated Ombudsman Scheme. What is a Retail Direct Scheme? The Retail Direct Scheme allows retail investors to invest in government securities (G-Sec) by opening a gilt security account with the RBI. The&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/pm-launches-2-rbi-schemes-all-about-the-central-bank-initiatives\/\">Continue reading <span class=\"screen-reader-text\">PM launches 2 RBI schemes. All about the central bank initiatives<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,956,9],"tags":[276,8716,10470,10469],"class_list":["post-146524","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-schemes-and-programs","category-public","tag-financial-inclusion","tag-money-and-banking","tag-retail-direct-scheme-integrated-ombudsman-schem","tag-retail-sector","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704836499},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/146524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=146524"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/146524\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=146524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=146524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=146524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}