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New RBI schemes will expand scope of investment in country, says PM Modi

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PM Modi launched 2 customer-centric RBI schemes on Friday

New Delhi: Prime Minister Narendra Modi on Friday launched two customer-centric initiatives of Reserve Bank of India (RBI) via video conferencing. The two schemes are Retail Direct Scheme and the Reserve Bank – Integrated Ombudsman Scheme. Union Minister of Finance and Corporate Affairs Nirmala Sitharaman and RBI Governor Shaktikanta Das were also present at the event.

PM Modi said that the two schemes would expand the scope of investment in the country and make access to capital markets easier, more secure for investors. “Retail direct scheme has given small investors in the country a simple and safe medium of investment in government securities. Similarly, ‘One Nation, One Ombudsman System’ has taken shape in the banking sector with the Integrated Ombudsman Scheme today,” he said. He emphasized the citizen centric nature of these schemes.

One of the biggest touchstones of any democracy is the strength of its grievance redressal system, he said. “The Integrated Ombudsman Scheme will go a long way in that direction,” said Modi.

“The Retail Direct Scheme will give strength to the inclusion of everyone in the economy as it will bring in the middle class, employees, small businessmen and senior citizens with their small savings directly and securely in government securities. As government securities have the provision of guaranteed settlement, this gives assurance of safety to the small investor,” he said.

The Prime Minister said that in the last seven years, NPAs were identified with transparency, the focus was on resolution and recovery, Public Sector Banks were recapitalized, one after the other reforms were carried out in the financial system and public sector banks.

“To further strengthen the banking sector, cooperative banks were also brought under the purview of RBI. Due to this the governance of these banks is also improving and the trust in this system is getting stronger among the depositors,” Modi said.

The Prime Minister said in the past few years, in the country’s banking sector reforms ranging from inclusion in the financial sector to technological integration have been carried out. “We have seen their strength in this difficult time of Covid. The decisions of the RBI also helped in increasing the impact of the big decisions that the government has taken in recent times”, he said.

Modi said UPI has made India the world’s leading country in terms of digital transactions in a very short span of time. “In just 7 years, India has jumped 19 times in terms of digital transactions. Today our banking system is operational 24 hours, 7 days and 12 months anytime, anywhere in the country,” Modi said. “I am confident that RBI will continue to strengthen India’s new identity as a sensitive and investor-friendly destination,” he said at the conclusion of the event.

 

 

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