PM Modi is all set to Launch RBI's Retail Direct, Integrated Ombudsman Schemes

Retail Direct Scheme is focused at enhancing access to the govt. securities markets

PM Narendra Modi to launch two innovative, customer-oriented initiatives of the Reserve Bank of India (RBI), the retail direct scheme and the integrated ombudsman scheme, via video-conferencing on Friday.

The Prime Minister's Office In a statement on Thursday, said that the RBI Retail Direct Scheme is aimed at enhancing access to the government securities market for retail investors.

They Further Added that, It will offer them a new avenue for directly investing in the securities issued by the Centre and the state governments. After this the investors will be able to maintain and easily open their government securities accounts online with the RBI for free.

The Reserve Bank-Integrated Ombudsman Scheme aims to improve the grievance redress mechanism to resolve customer complaints against entities which are regulated by the central bank.

The PMO said the central theme of the scheme is based on "One Nation-One Ombudsman" with one portal, one e-mail address and one postal address for the customers to file their complaints.

There will be a single point of reference for the customers to file their complaints, submit documents, track the status of their complaints and than provide feedback. A multi-lingual toll-free phone number will also be provided for all the relevant information on grievance redress and assistance for filing complaints.