New Delhi: Prime Minister Narendra Modi on Friday underlines the need for ease of investment, trust in the system and comfort for ordinary people along with financial inclusion and ease of access when he launches a scheme that allows retail investors to buy government bonds from a special RBI platform.
PM Modi, which also launched an integrated ombudsman scheme, underlined the need for a strong banking system, registering several initiatives by the Government and Bank India reserves, including the cleaning of bank books.
“With the direct RBI retail scheme, small investors now have media where they can invest safely in government securities.
Integrated Ombudsman schemes have caused ‘one country, one Ombudsman system takes form in this country,” he said, adding that investment would also help the government do development work.
PM praised the RBI and the Ministry of Finance for the steps taken and said reforms that began in recent years have resulted in greater inclusion.
Finance Minister Nirmala Sitharaman said the coordinated efforts by the Ministry of Finance and the RBI have caused the recovery of the Covid-19 post.
He said the retail direct scheme would facilitate retail participation, deepening the bond market and allowing a fair level to determine the level for all the results curves.
“Retail participation has hesitated so far, because of the costs involved and because of the traditional intermediary systems that have been applicable.
Now it might lead free direct costs, drive, and also build trust in retail participation in government securities,” he said.
Modi said that financial services – from banks to retirement and insurance – used to be exclusive clubs in India up to six-seven years ago, but can now be accessed by common citizens, poor families, small traders, women, women, dalit, seized and backward.
“Those who have the responsibility to take this facility to the poor never pay attention to it.
Instead, various reasons are made unchanged.
It is said that there is no bank branch, no staff, no internet, no awareness, do not know what the argument is , “he said, criticizing the previous government.
Immediately after taking over, the Modi government has launched a Jan Dhan scheme followed by health and life insurance schemes.
In addition, he said, the last Mile Financial Inclusion was possible because of digital empowerment.
While pointing to the deployment of UPI, PM said digital transactions had surged 19 times in seven years.
“Today, 24 hours, seven days and 12 months, our banking system is operational in this country.
We have seen the benefits during Covid time.” He asked policy makers to strengthen investor trust and trust in the financial market.
“We must maintain the needs of citizens in the middle and continue to strengthen the trust of investors.
I am sure that the RBI will continue to strengthen Indian new identity as a sensitive and investor-friendly destination,” said PM.