New Delhi, November 12 (IANS) | Prime Minister Narendra Modi on Friday launched two customer-centric schemes of RBI- Retail Direct Scheme and Reserve Bank-Integrated Ombudsman Scheme. Addressing the event through video conference, the Prime Minister said that these schemes, while making the capital market easily accessible and more secure for the investors, will expand the scope of investment in the country.
He said that the Retail Direct Scheme has given small investors in the country a simple and safe channel of investment in Government securities.Similarly, he cited the Integrated Ombudsman Scheme as giving shape to the ‘one nation, one ombudsman system’ in the banking sector.Further, the Prime Minister emphasized on the citizen-centric nature of these schemes.He said that the biggest test of any democracy is the strength of its grievance redressal system.
Further, he pointed out that the Retail Direct Scheme will bring in the middle class, employees, small traders and senior citizens with their small savings directly and safely in government securities.He said that since there is a provision of guaranteed settlement in government securities, it gives assurance of safety to the small investor.On the banking sector, the Prime Minister said that in the last seven years, NPAs have been identified with a focus on resolution and recovery.He said public sector banks have been recapitalised, financial system and public sector banks have been reformed one after the other.
Additionally, Modi said that cooperative banks have been brought under the purview of RBI to further strengthen the banking sector.This is also improving the governance of these banks and the depositors’ trust in this system is getting stronger.Further, the Prime Minister said that UPI has made India a world leader in digital transactions in a short span of time.In just seven years, India has made a 19-fold jump in digital transactions.
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