Prime Minister Narendra Modi today launched two major schemes of the Reserve Bank of India. Speaking on the occasion, the Prime Minister said that small investors in India will be assured of good returns on safe investments.
Prime Minister Narendra Modi today launched two major schemes of the Reserve Bank of India. These schemes are RBI Retail Direct Scheme and Reserve Bank-Integrated Ombudsman Scheme. Addressing the occasion, the Prime Minister said that the RBI always maintains dialogue in financial matters. Both these schemes will expand the scope of investment in the country. Through these, small to big investors will benefit, as well as transparency will also come. He said that the greatest strength of democracy is to respect and promote the spirit of participation of all in the economy.
Better option for safe investment
The Prime Minister said that the Finance Ministry, RBI and other financial institutions have done a commendable job in this challenging period of Corona. The two schemes that have been launched today will expand the scope of investment in the country and make it easier, more convenient for investors to access capital markets. Till now in the government security market, our middle class, employees, small traders, senior citizens had to take avenues like bank insurance or mutual funds to invest in securities. Now they are getting another better option of safe investment.
Small investors confident of good returns
In his address, the Prime Minister said that with the RBI's scheme, it will be easy for a large section of the country to invest directly in the creation of the country's wealth. Small investors in India will be assured of good returns on safe investments. He said that Team RBI will live up to the sentiments of the country and small investment is going to bring big success. He said that this decade has been very important from the point of view of development. To further strengthen the banking sector, cooperative banks have also been brought under the purview of RBI. This is also improving the governance of these banks. Simultaneously, the trust in the system is getting stronger even among the lakhs of depositors.
Necessary to pay attention to the needs of citizens
In his address, Prime Minister Narendra Modi said that in just 7 years, India has increased the number of digital transactions by 19 times. Today, our banking system is operational 24 hours, 7 days and 12 months anytime, anywhere in the country. We have to keep the needs of the citizens of the country at the center, and the trust of the investors will have to be continuously strengthened. He said that I am confident that RBI will continue to strengthen India's new identity as a sensitive and investor friendly destination. RBI took several important steps keeping in mind the common citizen and both the schemes launched today will prove to be milestones.
What is RBI Retail Direct Scheme?
RBI Retail Direct Scheme is a one-stop solution for individual investors to facilitate investment in Government Securities. Retail investors can open a Retail Direct Gilt (RDG) account with RBI to buy government bonds. These bonds are government securities G-Sec. Under the scheme, retail investors will get the facility to open an RDG account with the RBI. This account can be opened through the online portal prepared for this scheme. Like America, for the first time, Indians have also got an opportunity to invest money directly in the bond market. This means that like the stock market, now you will be able to earn more than FD by investing money in these bonds. Let us tell you that if the government needs money for some work, then it issues a bond. This bond is also called debenture and it is like a loan.
Know the Reserve Bank Integrated Ombudsman Scheme
Through the Reserve Bank's Integrated Ombudsman Scheme, efforts will be made to further improve the resolution process about the complaints of banks by the people in the country. The thinking behind this is that the grievances of the common people can be resolved in a quick and easy way. The theme of this scheme, One Nation, One Lokpal has been made. Under this, customers will be able to make their complaints on a single portal, one e-mail and one address. Through this single window, bank customers will be able to file their complaints, submit documents, and monitor the progress of complaints and give their feedback.