PM launches retail direct, integrated ombudsman schemes; investors to participate in govt bond mkt

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Updated: November 12, 2021 4:29:32 pm

PM Modi HIGHLIGHTS: RBI Governor launches customer-centric initiatives of Reserve Bank of India (RBI) -- the retail direct scheme and the integrated ombudsman scheme

PM Modi said that these two new schemes will unlock India’s $1.1 trillion bond market to retail buyers in the government bond sector. Image: PTI

Modi at RBI schemes launch HIGHLIGHTS: Prime Minister Narendra Modi has launched two innovative, customer-centric initiatives of Reserve Bank of India (RBI) — the retail direct scheme and the integrated ombudsman scheme — via video-conferencing on Friday. RBI’s Retail Direct scheme will enable small investors to participate in the government’s bond market for their financial security. PM Modi said that these two new schemes will unlock India’s $1.1 trillion bond market to retail buyers in the government bond sector. RBI’s retail direct, integrated ombudsman schemes can help the large and small scale retail investors for guaranteed investments with direct participation, offering security and safety.

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Highlights

    11:58 (IST)12 Nov 2021
    RBI's schemes will enable investors to invest in govt securities, sovereign gold bonds, state development loans

    The launch of the RBI Direct scheme will enable investors to directly invest in central government securities, sovereign gold bonds, state development loans, etc. This is a positive initiative towards building more robust and inclusive financial systems. Simultaneously, it will enable individual investors to play out directly in risk-mitigated financial instruments and make elevated yields. This is also a step towards building a vibrant digital economy. Siddharth Maurya, Resource Specialist- Fund Management

    11:47 (IST)12 Nov 2021
    Digital penetration will redefine the true financial inclusion in Indian economy: PM

    PM Narendra Modi said that digital penetration will improve and redefine the true financial inclusion in the Indian economy

    11:45 (IST)12 Nov 2021
    RBI's schemes are a gateway to India’s ‘Aatmanirbharta’: PM

    RBI's people-centric schemes are a gateway to India’s ‘Aatmanirbharta’ 

    11:44 (IST)12 Nov 2021
    New schemes to offer ease of banking, access, investments for ‘Aam Nagrik’

    Retail direct, and the integrated Ombudsman schemes will offer ease of banking, access and investments for India’s ‘Aam Nagrik’

    11:42 (IST)12 Nov 2021
    RBI schemes to benefit 4 cr loan account holders, 220 cr deposit account holders

    PM Narendra Modi said that the new RBI schemes will directly benefit 4 crore loan account holders and 220 crore deposit account holders. With the help of technology and smart financial planning, these two schemes will ease the burden of banks 

    11:39 (IST)12 Nov 2021
    NBFs have gained recognition with a focus on resolution, recovery: PM Modi

    PM Narendra Modi said that in the last seven years, NBFs have gained recognition with a focus on resolution and recovery; capitalisation of PSUs & various other reforms to benefit the Indian economy and the people.

    11:31 (IST)12 Nov 2021
    Integrated Ombudsman Scheme is based on ‘One Nation-One Ombudsman’

    PM Modi said that the Reserve Bank - Integrated Ombudsman Scheme is based on ‘One Nation-One Ombudsman’ for the ease of retail investors via one portal for complaints, queries & more

    11:30 (IST)12 Nov 2021
    RBI's schemes to help large, small scale retail investors for guaranteed investments: PM Modi

    RBI's retail direct, integrated ombudsman schemes can help the large and small scale retail investors for guaranteed investments with direct participation, offering security and safety

    11:28 (IST)12 Nov 2021
    RBI's retail direct, integrated ombudsman will unlock India’s $1.1 tn bond market to retail buyers

    The new schemes will unlock India’s $1.1 trillion bond market to retail buyers in the government bond sector, PM Modi said

    11:27 (IST)12 Nov 2021
    RBI has collaborated with other financial organisations to boost India’s economy

    As a regulator, RBI has collaborated with other financial organizations to introduce efforts to boost India’s economy for the participation & development of the common man: PM (MyGovIndia)

    11:26 (IST)12 Nov 2021
    RBI’s Retail Direct scheme to enable small investors to participate in govt’s bond market

    RBI’s Retail Direct scheme will enable small investors to participate in the government’s bond market for their financial security, PM Modi said

    11:24 (IST)12 Nov 2021
    RBI's retail direct, integrated ombudsman scheme will widen investment horizon

    RBI's retail direct and the integrated ombudsman scheme will widen the investment horizon for investors and make capital markets more accessible to the investors, PM Modi said

    11:17 (IST)12 Nov 2021
    Virtual launch of RBI’s innovative schemes by PM
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    11:11 (IST)12 Nov 2021
    RBI Governor Shaktikanta Das launches people-centric schemes

    RBI Governor Shaktikanta Das launched two people-centric schemes -- the retail direct scheme and the integrated ombudsman scheme.

    11:06 (IST)12 Nov 2021
    PM Modi begins launch of RBI schemes

    PM Narendra Modi has begun the launch of two RBI schemes

    11:01 (IST)12 Nov 2021
    PM Modi to shortly launch RBI schemes

    PM Narendra Modi to shortly launch RBI's two people-centric schemes -- the retail direct scheme and the integrated ombudsman scheme.

    10:58 (IST)12 Nov 2021
    Benefits of Integrated Ombudsman scheme

    There will be a single point of reference for the customers to file their complaints, submit documents, track the status of their complaints and provide feedback. A multi-lingual toll-free phone number will provide all the relevant information on grievance redress and assistance for filing complaints.

    10:51 (IST)12 Nov 2021
    Fee and charges for Retail Direct Gilt Account

    No fee will be charged for opening and maintaining a ‘Retail Direct Gilt account’ with RBI.No fee will be charged by the aggregator for submitting bids in the primary auctions.Fee for payment gateway etc., as applicable, will be borne by the registered investor.

    10:46 (IST)12 Nov 2021
    Here's what Retail Direct scheme offers to investors

    As for the Retail Direct scheme, people can access the online portal to open securities accounts with the central bank, bid in primary auctions and buy and sell the papers. No fee will be charged for any service. The payment for transactions can be made by them through internet-banking and the UPI, using their savings bank accounts. Investor support facility will be made available via telephone, email as well as online. Providing transaction and balance statement, nomination facility, pledge/lien and gift transactions, etc, will be available.

    10:43 (IST)12 Nov 2021
    Lodge complaints, submit documents, track status under Integrated Ombudsman scheme

    Customers will be able to lodge complaints, submit documents, track status, and give feedback through a single email address under the new scheme. There will also be a multi-lingual toll-free number that will provide all relevant information on grievance redress. This mechanism will continue to be free for customers. The complaints that are not covered under the ombudsman scheme will continued to be addressed by the Customer Education and Protection Cells located in the 30 regional offices of the RBI

    10:42 (IST)12 Nov 2021
    Integrated Ombudsman scheme to bolster grievance redress mechanism

    The Integrated Ombudsman scheme, aims at bolstering the grievance redress mechanism for resolving customer complaints against entities regulated by the RBI, such as banks, NBFCs and non-bank payment system participants. This scheme will be based on ‘One Nation-One Ombudsman’ with one portal, one email, and one address for the customers to lodge their complaints. At present, RBI has three separate ombudsmen — for banks, NBFCs and digital payments. These are operated from 22 RBI ombudsman offices across the country. These will be integrated into one centralised scheme to make the grievance redress mechanism simpler and much more effective.

    10:41 (IST)12 Nov 2021
    What can investors do under Retail Direct scheme?

    Under the Retail Direct scheme, people can invest in central government securities, treasury bills, state development loans and sovereign gold bonds through a portal. It will propel India into the league of a few country that currently offer such a facility. “Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost,” the PMO said.

    10:40 (IST)12 Nov 2021
    Launch by PM Modi today: New RBI scheme to enable retail investors to invest in government securities

    Prime Minister Narendra Modi will launch on Friday two crucial customer-centric initiatives of the Reserve Bank of India (RBI) to enable retail investors to directly invest in government securities for the first time, and to improve the grievance redress mechanism for resolving customer complaints against banks and other entities regulated by the central bank.

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    10:37 (IST)12 Nov 2021
    ‘RBI Retail Direct’ provides following facilities to retail investors in govt securities market through an online portal

    i) Open and maintain a ‘Retail Direct Gilt Account’ (RDG Account)ii) Access to primary issuance of Government securitiesiii) Access to NDS-OM

    10:35 (IST)12 Nov 2021
    Retail Direct Investors to offer facility to gift govt securities to other Retail Direct Investors

    ‘Retail Direct Investors’ will have an online facility to gift government securities to other Retail Direct Investors, RBI circular said.

    10:34 (IST)12 Nov 2021
    One Nation One Ombudsman to make alternate dispute redress mechanism simpler

    “To make the alternate dispute redress mechanism simpler and more responsive to the customers of regulated entities, it has been decided to implement, inter alia, integration of the three Ombudsman schemes and adoption of the ‘One Nation One Ombudsman’ approach for grievance redressal,” Governor Shaktikanta Das said in February this year

    10:33 (IST)12 Nov 2021
    Integrated ombudsman scheme: One Nation-One Ombudsman

    The PMO said the central theme of the scheme is based on "One Nation-One Ombudsman" with one portal, one e-mail address and one postal address for the customers to lodge their complaints. PTI

    10:20 (IST)12 Nov 2021
    Highlights of ‘RBI Retail Direct’ scheme 

    i. Retail investors (individuals) will have the facility to open and maintain the ‘Retail Direct Gilt Account’ (RDG Account) with RBI.ii. RDG Account can be opened through an ‘Online portal’ provided for the purpose of the scheme.iii. The ‘Online portal’ will also give the registered users the following facilities:

    Access to primary issuance of Government securities & access to NDS-OM.

    10:19 (IST)12 Nov 2021
    PM Modi to launch two RBI people-centric schemes

    Reserve Bank of India in a tweet said PM Narendra Modi will launch two people-centric schemes of Reserve Bank of India (RBI) in presence of FM Nirmala Sitharaman and RBI Governor Shaktikanta Das

    10:18 (IST)12 Nov 2021
    RBI retail direct scheme to offer investment in government securities

    The retail direct scheme offered by RBI is a good opportunity for retail investors to invest in government securities, sovereign bonds etc. It is the first time in India when retail investors will have an option of simple and direct channel for investment in government securities. The government securities offers a low risk and low return on the investment as compared to investment in equity or asset.  We advise retail investors must diversify their investment and go for this advantage to have a better and safe return. Ravi Singh, VP & Head of Research, Share India Securities

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