PM Narendra Modi to launch RBI's retail direct, integrated ombudsman schemes

The PMO said the retail direct scheme offers investors avenue for directly investing in the securities issued by the Centre and the state governments

In a bid to increase retail participation in government securities, Prime Minister Narendra Modi will launch the ‘RBI Retail Direct Scheme’ for investors on Friday.

Retail investors can open and maintain their government securities account (gilt accounts) with the Reserve Bank of India (RBI) free of cost, the Prime Minister's Office (PMO) said.

In a statement on Thursday, the PMO said it offers them a new avenue for directly investing in the securities issued by the Centre and the state governments.

The Reserve Bank-Integrated Ombudsman Scheme aims to further improve the grievance redress mechanism for resolving customer complaints against entities 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 lodge 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 provide feedback, it said.

A multilingual toll-free phone number will provide all the relevant information on grievance redress and assistance for filing complaints.

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