NEWS

Prime Minister launched two customer-centric initiatives of the Reserve Bank of India (RBI) — the RBI Retail Direct Scheme and the Integrated Ombudsman Scheme.

RBI Retail Direct Scheme

• Allows retail investors to buy and sell government securities (G-Sec) online
• Both in the primary and secondary markets
• By opening a gilt securities account with the RBI- Retail Direct Gilt (RDG) Account
• A retail investor can open the RDG account if they have following — a Rupee savings bank account maintained in India, PAN card, any official valid document such as Aadhaar, Voter ID for KYC purpose, a valid email ID and a registered mobile number.
• Participation and allotment of securities will be as per the non-competitive scheme.
• Only one bid per security is permitted.
• On submission of the bid, the total amount payable will be displayed
• Registered investors can access the secondary market transaction link on the online portal to buy or sell government securities through NDS-OM.

RBI Integrated Ombudsman Scheme

• Help in improving the grievance redress mechanism for resolving customer complaints against RBI’s regulated entities
• Based on “One Nation-One Ombudsman” with one portal, one email, and one address for the customers to lodge their complaints.
• Customers will be able to file complaints, submit documents, track status, and give feedback through a single email address. There will also be a multilingual toll-free number that will provide all relevant information on grievance redress.
• There will be a multilingual toll-free number that will provide all relevant information on grievance redress and assistance for filing complaints.
• The redressal will continue to be cost-free for customers of banks and members of the public.