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PM Modi launches RBI schemes to ease access to money markets for small investors, better grievance redressal


NEW DELHI: Prime Minister Narendra Modi on Friday launched two innovative, customer-centric initiatives of the Reserve Bank of India (RBI), the retail direct scheme and the integrated ombudsman scheme. The two schemes are aimed at easing access to government securities market for retail investors. Speaking at the event through video conferencing, PM Modi said the RBI as a regulator has kept in mind the needs of the common investors. Accessing capital markets, including government securities, will now be easier and hassle free for small investors, he said. The guaranteed settlement of government securities will assure small investors of lucrative returns, while allowing the government finances to pursue development goals, the Prime Minister said at the launch of the schemes. The two schemes launched today will expand the scope of investment in the country and make access to capital markets easier and more secure for investors, the PM said. He also spoke of ‘financial inclusion’ of all segments of the population. The two new schemes will increase investment avenues, make accessing capital market easier and safer. The financial market, that was previously like an ‘exclusive club,’ has now been opened up for all, he said. The banking system was dealt heavy blows in the years preceding 2014 through corrupt practices, the fallouts of which are being felt even now, Modi said. Much of that has been mitigated through banking reforms. Wilful defaulters have been barred from raising money through stringent checks and balances. In the last 7 yrs, NPAs have been recognised in transparent manner, while resolution and recovery have been emphasised, he said. At the event, PM spoke of bringing the underprivileged under institutional financing, making the process transparent and fair. Digital transactions in India have jumped 19 folds in the last seven years, he said. He lauded RBI for being a sensitive and investor friendly regulator.


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