New Delhi: Prime Minister Narendra Modi on Friday launched two innovative, customer-centric initiatives reserve Bank of India (RBI), retail direct plan And this Integrated Ombudsman Scheme,
The objective of the schemes is to make it easier for retail investors to access the government securities market and for faster grievance redressal.
Speaking at the event via video conferencing, PM Modi said that RBI as a regulator has kept in mind the needs of common investors. He said that access to capital market, including government securities, would now be easy and hassle-free for small investors.
“This period of the Amrit Mahotsav of Azadi, this decade of the 21st century is very important for the development of the country. In such a situation, the role of RBI is also very big. I am sure that ‘RBI Team’ will live up to it.” The hopes of the country,” the Prime Minister said.
At the launch of the schemes, the Prime Minister said that guaranteed settlement of government securities would assure attractive returns to small investors, while allowing government finance to pursue development goals.
The Prime Minister said that the two schemes launched today will expand the scope of investment in the country and make the access of investors to the capital market easier and more secure.
He also talked about ‘financial inclusion’ of all sections of the population. With the two new schemes, investment avenues will increase, access to the capital market will be easier and safer. The financial market, which was earlier like an ‘exclusive club’, has now been opened to all, he said.
Modi said the banking system was hit hard through corrupt practices in the years before 2014, the consequences of which are still being felt. Much of this has been mitigated through banking reforms. Willful defaulters are barred from raising funds through stringent checks and balances. He said that in the last seven years, NPAs have been identified in a transparent manner, while emphasis has been laid on resolution and recovery.
In the program, the PM talked about bringing the underprivileged under institutional funding, making the process transparent and fair. He said that digital transactions in India have increased 19 times in the last seven years.
He lauded the RBI for being a sensitive and investor friendly regulator.
The Prime Minister also launched the Reserve Bank-Integrated Ombudsman Scheme. It aims to further improve the grievance redressal mechanism for redressal of customer complaints against entities regulated by the Reserve Bank of India. The main theme of the scheme is ‘One Nation – One Ombudsman’ which has one portal, one email and one address for customers to register their grievances.
(with agency input)
The objective of the schemes is to make it easier for retail investors to access the government securities market and for faster grievance redressal.
Speaking at the event via video conferencing, PM Modi said that RBI as a regulator has kept in mind the needs of common investors. He said that access to capital market, including government securities, would now be easy and hassle-free for small investors.
“This period of the Amrit Mahotsav of Azadi, this decade of the 21st century is very important for the development of the country. In such a situation, the role of RBI is also very big. I am sure that ‘RBI Team’ will live up to it.” The hopes of the country,” the Prime Minister said.
At the launch of the schemes, the Prime Minister said that guaranteed settlement of government securities would assure attractive returns to small investors, while allowing government finance to pursue development goals.
The Prime Minister said that the two schemes launched today will expand the scope of investment in the country and make the access of investors to the capital market easier and more secure.
He also talked about ‘financial inclusion’ of all sections of the population. With the two new schemes, investment avenues will increase, access to the capital market will be easier and safer. The financial market, which was earlier like an ‘exclusive club’, has now been opened to all, he said.
Modi said the banking system was hit hard through corrupt practices in the years before 2014, the consequences of which are still being felt. Much of this has been mitigated through banking reforms. Willful defaulters are barred from raising funds through stringent checks and balances. He said that in the last seven years, NPAs have been identified in a transparent manner, while emphasis has been laid on resolution and recovery.
In the program, the PM talked about bringing the underprivileged under institutional funding, making the process transparent and fair. He said that digital transactions in India have increased 19 times in the last seven years.
He lauded the RBI for being a sensitive and investor friendly regulator.
The Prime Minister also launched the Reserve Bank-Integrated Ombudsman Scheme. It aims to further improve the grievance redressal mechanism for redressal of customer complaints against entities regulated by the Reserve Bank of India. The main theme of the scheme is ‘One Nation – One Ombudsman’ which has one portal, one email and one address for customers to register their grievances.
(with agency input)
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