PM Modi launches two innovative customer-centric initiatives of RBI

Prime Minister Narendra Modi has launched two innovative customer-centric initiatives of the Reserve Bank of India (RBI). These initiatives are the RBI Retail Direct Scheme and the Reserve Bank – Integrated Ombudsman Scheme. There will be a single point of reference for customers to file their complaints, submit the documents, track status, and provide feedback.

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About the RBI Retail Direct Scheme

• 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 Government of India and the state governments.
• Through this scheme, a retail investor will get access to the government securities market.
• This scheme offers a new avenue for directly investing in securities issued by both Centre and state governments.
• “Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost.

About the 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.
• Currently, there are three separate ombudsmen for banks, non-banking finance companies (NBFCs), and non-bank prepaid payment issuers (PPIs) that are wallets.
• These are operated by the RBI from 22 ombudsman offices located across the country. Now, they will be integrated into one centralised scheme to make the grievance redressal mechanism more efficient and simpler.

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