Prime Minister Narendra Modi has launched two innovative, customer-centric initiatives of Reserve Bank of India (RBI) — the retail direct scheme and the integrated ombudsman scheme — via video-conferencing on Friday. RBI’s Retail Direct scheme will enable small investors to participate in the government’s bond market for their financial security. PM Modi said that these two new schemes will unlock India’s $1.1 trillion bond market to retail buyers in the government bond sector. RBI’s retail direct, integrated ombudsman schemes can help the large and small scale retail investors for guaranteed investments with direct participation, offering security and safety.
The launch of the RBI Direct scheme will enable investors to directly invest in central government securities, sovereign gold bonds, state development loans, etc. This is a positive initiative towards building more robust and inclusive financial systems. Simultaneously, it will enable individual investors to play out directly in risk-mitigated financial instruments and make elevated yields. This is also a step towards building a vibrant digital economy.
PM Narendra Modi said that digital penetration will improve and redefine true financial inclusion in the Indian economy. RBI's people-centric schemes are a gateway to India’s ‘Aatmanirbharta’ During the virtual launches of the scheme, RBI Governor Shaktikanth Das, Finance Minister Nirmala Sitharaman was also present.