Prime Minister Narendra Modi launched two innovative and customer-centric initiatives of the Reserve Bank of India (RBI) through video-conferencing today on November 12.
Prime Minister Narendra Modi launched two innovative and customer-centric initiatives of the Reserve Bank of India (RBI) through video-conferencing today on November 12.
Prime Minister Narendra Modi launched two innovative and customer-centric initiatives of the Reserve Bank of India (RBI) through video-conferencing today on November 12.
Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das also attended the event.
The two schemes -- the retail direct scheme and the integrated ombudsman scheme – will be launched with a view to easing access to government securities market for retail investors.
The schemes are aimed at deepening the debt market and improve customer grievance redressal mechanism. The RBI Retail Direct Scheme is aimed at enhancing access to the government securities market for retail investors, the Prime Minister's Office (PMO) has said in a statement.
Here are quick points:
- To further strengthen the banking sector, cooperative banks were also brought under the purview of RBI. Due to this the governance of these banks is also improving and the trust in this system is getting stronger even among the lakhs of depositors who are there.
- In the last 7 years, NPAs were recognized with transparency, The focus was on resolution and recovery, Public Sector Banks were Recapitalized, One after the other reforms were carried out in the financial system and public sector banks.
- Ease of investment, trust of the common man on the banking system as important as financial inclusion and ease of access:
- A strong banking system is essential for an economy.
-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.