March 1, 2024
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PM Modi To Launch RBI’s Retail Direct and Integrated Ombudsman Initiatives

On Friday, Prime Minister Narendra Modi will use video conferencing to announce the Reserve Bank of India’s (RBI) retail direct program and the integrated ombudsman system, both of which are innovative, customer-centric initiatives.

The Prime Minister’s Office (PMO) said in a statement on Thursday that the RBI Retail Direct Scheme aims to improve retail investors’ access to the government securities market. It gives people a new way to invest directly in securities issued by the federal and state governments.

Investors will be able to open and maintain their government securities accounts with the RBI online for free, according to the statement. The Reserve Bank-Integrated Ombudsman Scheme intends to strengthen the grievance redress procedure for customer complaints against the central bank’s regulated firms.

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