Prime Minister Narendra Modi has launched the Retail Direct Scheme and Integrated Ombudsman Scheme today. The objective of the Integrated Ombudsman Scheme is to further improve the grievance redressal system.
New Delhi. Prime Minister Narendra Modi has launched the Retail Direct Scheme and Integrated Ombudsman Scheme today. While RBI’s Retail Direct Scheme will increase retail participation in government securities, the Integrated Ombudsman Scheme aims to further improve the grievance redressal system.
Modi said, “The two schemes launched today will expand the scope of investment in the country and make it easier, more convenient for investors to access the capital markets.” All government securities in India have security guarantees, so small investors will be assured of safety on their investments.
Relief for banking customers
Under the Integrated Ombudsman Scheme, the complaints of banking customers can be resolved. The purpose of this is to provide a better system for redressal of customer complaints against entities regulated by RBI. This scheme is based on One Nation-One Ombudsman. In this, the facility of one portal, one email and one address has been given to the customers for making complaints. Complaints will get a place to register their complaints, submit documents and give feedback. There will also be a toll free number in multiple languages to help resolve complaints and lodge complaints.
Gilt account will be linked with savings account
Modi said, “Fund managers will not be required for investing in government securities. Investors can open gilt account directly. This account will also be linked to the savings account.’ He said, ‘You can imagine how easy it will be for people.’
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