Prime minister Narendra Modi The Reserve Bank of India will launch two important customer-centric initiatives – the Retail Direct Scheme and the Integrated Ombudsman Scheme – on Friday. The much-awaited RBI Retail Direct scheme will allow retail investors to invest directly in securities issued by the Central and State Governments. The central bank said users can open and maintain their government securities accounts with the RBI online free of cost.
The Reserve Bank of India had earlier said that investors will have access to the central bank’s trading platform for government securities, called the Negotiated Dealing System-Order Matching Segment or NDS-OM, to bid in the primary auction as well.
Termed as a “major structural reform” by RBI Governor Shaktikanta Das, the scheme will help customers invest in G-Secs that carry almost zero default or credit risk. The move was aimed at improving ease of access by retail investors through online access to the government securities market – both primary and secondary – with the convenience of opening their gilts.
Securities Account (‘Retail Direct’) with the Reserve Bank of India.
Meanwhile, the Integrated Ombudsman Scheme aims to further improve the grievance redressal mechanism for redressal of customer complaints against entities regulated by the central bank. The scheme will be based on “One Nation-One Ombudsman” with one portal, one e-mail address and one postal address for customers to register their grievances. Under this new initiative, customers will have a single reference point to register their complaints, submit documents, track the status of their complaints. The central bank said that customers will also be able to give feedback based on their experience of using the portal. Reserve Bank of India will provide a multilingual toll-free phone number for all relevant information on grievance redressal. It will also provide assistance in filing complaints.
“The recently announced Integrated Ombudsman Scheme of RBI is expected to be a game changer in terms of increasing transparency among customers. Due to increasing complaints from banks and consumers against digital platforms, the ‘One Nation One Grievance Redressal’ scheme simplifies the process of streamlining discrepancies in digital payments,” said Mayank Goyal, CEO and Founder, Moneyhop.
“Additionally, virtual investors can now directly handle consumer complaints under a dedicated portal, which will expedite the process. Transparency is the key to a long-standing relationship in the fintech sector. With the implementation of the Ombudsman Scheme, the trust between banks and fintech companies and their customers will definitely be strengthened.”
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