PM launches RBI schemes to ease G-sec access for small investors, better grievance redressal by banks

Prime Minister Narendra Modi launched two customer-centric initiatives of the Reserve Bank of India —RBI Retail Direct Scheme and the Reserve Bank – Integrated Ombudsman Scheme —virtually, on Friday morning. The two schemes are aimed at enhancing the participation of retail investors in government securities, said RBI Governor Shaktikanta Das and Finance Minister Nirmala Sitharaman in their opening remarks during the launch ceremony.

“RBI has been leveraging technology & innovation for enhancing the efficiency of it services. RBI’s developmental role is focused on further deepening of financial inclusion and undertaking people-centric initiatives,” said Governor Das. 

RBI Retail Direct Scheme

The RBI Retail Direct Scheme is aimed at enhancing access to the government securities market for retail investors. It offers them a new avenue for directly investing in securities issued by the central and state governments. Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost.

The scheme is a one-stop solution for retail investors to access the government securities market – both primary and secondary – along with the facility to open their gilt securities account with the RBI, through online mode. Individual investors can register under the scheme and open Retail Direct Gilt Account (RDG) Account with the RBI through the online portal. This online portal will also give the users access to primary issuance of Gsecs and NDS-OM. NDS-OM is RBI’s screen-based, anonymous electronic order matching system for trading in government securities in the secondary market.

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.