Prime Minister has launchedtwo major initiatives today on 12th November, 2021.These initiatives are the RBI Retail Direct Scheme and the Reserve Bank – Integrated Ombudsman Scheme
In order to widen the investor base to fund the government’s massive borrowing programme, India is set to open up its sovereign bond market to individual buyers. Accordingly, from now, retail investors can open and maintain their government securities account with the RBI free of cost under Retail Direct Scheme.
Further, to improve the grievance redress mechanism for resolving customer complaints against entities regulated by RBI, Ombudsman Scheme Retail Direct Scheme launched.There will be a single point of reference for customers to file their complaints, submit the documents, track status and provide feedback. A multi-lingual toll-free number will provide all relevant information on grievance redress and assistance for filing complaints.
Earlier, in a February policy review, RBI Governor Shaktikanta Das had first flagged this initiative calling it a major structural reform.