New Delhi: Prime Minister Narendra Modi on Friday launched two innovative and centric initiatives of customers from the Bank of India (RBI) reserves, a direct retail scheme and an integrated Ombudsman scheme.
This scheme aims to facilitate access to government securities markets for retail investors, and for faster complaints.
Speaking at the event through video conferencing, PM Modi said the RBI as a regulator had considered the needs of general investors.
Accessing the capital market, including government securities, now it will be easier and troublesome for small investors, he said.
“The Azadi Period of Amrit Mahotsav, the 21st century decade is very important for the development of the country.
In such situations, the ribi role is also very large.
I am sure that ‘RBI Team’ will live up to the country’s expectations,” said Prime Minister.
The completion of government effects guaranteed to convince small investors from favorable returns, while enabling government finance to pursue development goals, the prime minister said at the launch of the scheme.
Both schemes launched today will expand the scope of investment in this country and make access to the capital market easier and safer for investors, PM said.
He also talked about ‘financial inclusions’ of all population segments.
The two new schemes will increase the investment avenue, making capital market access easier and safer.
The financial market, which was previously like a ‘exclusive club,’ has now been opened for all, he said.
The banking system was handled by a heavy blow in the previous years in 2014 through corrupt practices, the fall felt even now, said Modi.
Many of them have been mitigated through banking reform.
Accidental defaulters have been prohibited from collecting money through strict inspection and balances.
In the past 7 years, NPA has been recognized transparently, while the resolution and recovery have been emphasized, he said.
At the event, PM talked about bringing less able under institutional financing, making the process of transparent and fair.
Digital transactions in India have jumped 19 times in the past seven years, he said.
He praised the RBI because it became a friendly regulator and sensitive investors.
PM also launched the Ombudsman Integrated Bank Reserve scheme.
It aims to further improve the mechanism of repetition complaints to resolve customer complaints against the entity regulated by the RBI.
The central theme of this scheme is based on ‘one country-one ombudsman’ with one portal, one email and one address for customers to file their complaints.
(With agency input)