PM Modi launches RBI's customer-centric initiatives, schemes aim to empower investors

Prime Minister Narendra Modi launched two innovative customer-centric initiatives of the Reserve Bank of India (RBI) today, November 12. According to the Prime Minister's Office, the initiatives were launched at 11 am on Friday by PM Modi through video conferencing. While one of the initiatives are aimed at enhancing access to the government securities market, the other will work as a portal for the customers to lodge their complaints.

"These initiatives are the RBI Retail Direct Scheme and the Reserve Bank - Integrated Ombudsman Scheme," PMO in a release said. According to the release, the RBI Retail Direct Scheme is aimed at enhancing access to the government securities market for retail investors. The release noted that the scheme will offer investors 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 PMO said in its release. Meanwhile, the Reserve Bank- Integrated Ombudsman Scheme is aimed at improving 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," read the release added. According to the PMO, Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das will be present at the event.

India on path to become fastest growing economy in the world, says report

According to a finance ministry report, India is on its way to becoming the fastest-growing major economy in the world. The report emphasised on the effects of necessary macro and micro growth and said that it drives the Indian economy to reach the goal. The monthly Economic Review prepared by the ministry also said that the rapid vaccination and teeming festivities will push India's ongoing recovery resulting in narrowing of demand-supply mismatches and greater employment opportunities.

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