PM Modi To Launch RBI's Retail Direct, Integrated Ombudsman Schemes Tomorrow

Prime Minister Narendra Modi will launch two innovative, customer-centric initiatives of the Reserve Bank of India (RBI), the retail direct scheme and the integrated ombudsman scheme, via video-conferencing on Friday (12 November).

The RBI Retail direct scheme is aimed at enhancing access to government securities market for retail investors, the Prime Minister's Office (PMO) said in a statement on Thursday (11 November).

The scheme offers retail investors a new avenue for directly investing in securities issued by the Central government and the state governments. Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost, the PMO said.

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, the PMO said.

There will be a single point of reference for customers to file their complaints, submit the documents, track status and provide feedback, it added.

A multi-lingual toll-free number will provide all relevant information on grievance redress and assistance for filing complaints.