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PM launches 2 customer centric initiatives of RBI
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SME Times News Bureau | 12 Nov, 2021
Prime Minister Narendra Modi on Friday launched two innovative customer
centric initiatives of the RBI -- Retail Direct Scheme and the Reserve
Bank-Integrated Ombudsman Scheme.
Addressing the event via video
conference, the Prime Minister said that these schemes, will expand the
scope of investment in the country along with making capital markets
easily accessible and more secure for investors.
The Retail
Direct Scheme has given small investors in the country a simple and safe
medium of investment in government securities, he said.
Similarly,
he cited the Integrated Ombudsman Scheme as giving a shape to the 'One
Nation, One Ombudsman System' in the banking sector.
Besides, the Prime Minister emphasised the citizen centric nature of these schemes.
He said that one of the biggest touchstones of any democracy is the strength of its grievance redressal system.
Furthermore,
he pointed out that Retail Direct Scheme will bring in the middle
class, employees, small businessmen and senior citizens with their small
savings directly and securely in government securities.
As
government securities have the provision of guaranteed settlement, this
gives assurance of safety to the small investor, he said.
On the
banking sector, the Prime Minister said that in the last seven years,
NPAs have been identified with the focus on resolution and recovery.
He
said that Public Sector Banks have been recapitalised, one after the
other reforms have been carried out in the financial system and public
sector banks.
Additionally, Modi said to further strengthen the
banking sector, cooperative banks have been brought under the purview of
the RBI.
Due to this, the governance of these banks is also
improving and the trust in this system is getting stronger among the
depositors, he added.
In addition, the Prime Minister said that
'UPI' has made India the world's leading country in terms of digital
transactions in a very short span of time.
In just seven years, India has jumped 19 times in terms of digital transactions.
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