PM Modi launches RBI's Retail Direct Scheme, there will be an Ombudsman Portal for complaints

PM Narendra Modi on Friday launched two schemes launched under the Customer-Centric Initiative of RBI. Through video conferencing, PM Modi announced the launch of the Reserve Bank of India's Retail Direct Scheme and the Reserve Bank-Integrated Ombudsman Scheme. On this occasion, PM Modi said that with the advent of the Retail Direct Scheme (RDG), a large section of investors has got another platform for investment. Especially small investors will be benefitted more from this. At the same time, the Integrated Ombudsman Scheme is going to protect the interests of the customers.

Finance Minister Nirmala Sitharaman said on the occasion that the Reserve Bank of India's Retail Direct scheme will benefit investors a lot. It is a simple and easy mode of investment. Retail investors will get another opportunity with the option of direct investment in government securities. Sitharaman said – I thank RBI for starting this initiative.

What is Retail Direct Scheme

The Retail Direct Scheme has been started so that the entry of retail investors can be done in the Government Securities Market. In this, retail investors will be able to invest directly in the securities of the Government of India and the securities of the State Governments and can earn good profits. PM Modi said that the special thing about RDG is that fund managers will not be needed in this. No investor needs to go anywhere. He will be able to invest directly in securities.

how to open an account

Any investor can easily open online government securities accounts and maintain those securities. This service will be completely free.

What is Integrated Ombudsman Scheme

PM Modi said that the Integrated Ombudsman Scheme has been started to address the grievances of the customers. In this, the Reserve Bank of India has made rules to address the complaints of customers against banking or other institutions. This scheme has been brought on the concept of One Nation One Ombudsman.

how the system will work

Under this, there will be a portal, an e-mail, and an address. PM Modi said that customers can file their complaints here. Customers can submit their complaints, submit documents, check the status of their complaints/documents and give feedback all in one place. A toll-free number has also been given in this regard.