New Delhi: Prime Minister Narendra Modi today launched two ‘innovative, customer-centric initiatives’ of the Reserve Bank of India (RBI), the Retail Direct Scheme and the Integrated Ombudsman Scheme.
Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das also attended the event.
Listing benefits of the two plans, Modi said that these will make access to capital markets easier and more secure for investors.
‘With the RBI Retail Direct Scheme, small investors now have a medium through which they can safely invest in government securities. The Integrated Ombudsman Scheme has led to the ‘One Nation, One Ombudsman system’ taking shape in the country,’ Prime Minister said. He said the government will expand the scope of investment.
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.
Talking about various reforms undertaken by his government since 2014, when he first became Prime Minister, Modi said that during this period, emphasis was given to recovery and resolution.
He added, ‘In the last seven years, non-performing assets were recognised with transparency and public sector banks were recapitalised. To further strengthen this sector, co-operative banks were brought under the purview of the RBI.’