Modi launches two initiatives of RBI: Retail Direct Scheme and the Reserve Bank-Integrated Ombudsman Scheme

National News, News

New Delhi:  Prime Minister Narendra Modi launched RBI –  Retail Direct Scheme and the Reserve Bank-Integrated Ombudsman Scheme on Friday virtually the two innovative customer centric initiatives.

Modi in his address at the event via video conference said that these schemes will expand the scope of investment in the country along with making capital markets easily accessible and more secure for investors. The Retail Direct Scheme has given small investors in the country a simple and safe medium of investment in Government securities, he said. The Integrated Ombudsman Scheme as giving a shape to the One Nation, One Ombudsman System in the banking sector.

It is one of the biggest touchstones of any democracy is the strength of its grievance redressal system, Modi said. He pointed out that Retail Direct Scheme will bring in the middle class, employees, small businessmen and senior citizens with their small savings directly and securely in Government securities. As Government securities have the provision of guaranteed settlement, this gives assurance of safety to the small investor, he said.

He said that in the last seven years, NPAs have been identified with the focus on resolution and recovery in the banking sector. Public Sector Banks have been recapitalized, one after the other reforms have been carried out in the financial system and public sector banks. Modi said to further strengthen the banking sector, cooperative banks have been brought under the purview of the RBI.

Modi said that ‘UPI’ has made India the world’s leading country in terms of digital transactions in a very short span of time. In just seven years, India has jumped 19 times in terms of digital transactions.

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