Prime Minister Shri Narendra Modi launched two innovative customer centric initiatives of the Reserve Bank of India on 12 November, 2021. These initiatives are the RBI Retail Direct Scheme and the Reserve Bank – Integrated Ombudsman Scheme.
About RBI Retail Direct Scheme
- The RBI Retail Direct Scheme is aimed at enhancing access to government securities market for retail investors. It offers them a new avenue for directly investing in securities issued by the Government of India and the State Governments.
- Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost.
- The small investors can now invest in G-Secs by opening a gilt securities account with the RBI. The account opened will be called Retail Direct Gilt (RDG) Account.
- According to notification issued by the RBI, a retail investor can open the RDG account if they have following — a Rupee savings bank account maintained in India, PAN card, any official valid document such as Aadhaar, Voter ID for KYC purpose, a valid email ID and a registered mobile number.
Reserve Bank – Integrated Ombudsman Scheme
The Reserve Bank – Integrated Ombudsman Scheme aims to further improve the grievance redress mechanism for resolving customer complaints against entities regulated by RBI.
- The central theme of the scheme is based on ‘One Nation-One Ombudsman’ with one portal, one email and one address for the customers to lodge their complaints.
- There will be a single point of reference for customers to file their complaints, submit the documents, track status and provide feedback.
- A multi-lingual toll-free number will provide all relevant information on grievance redress and assistance for filing complaints.
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