Today, PM Narendra Modi launches the RBI’s Retail Direct Plan
RBI Governor Shaktikanta Das rejected the initiative in February, calling it a major structural reform. Instead, PM Narendra Modi will launch the RBI Retail Direct program, enabling retail investors to invest in government bonds easily.
As part of the program, investors can invest directly in government bonds.
The Reserve Bank of India circular states that retail investors will open and maintain their government securities accounts for free. RBI Governor Shaktikanta Das first noted this initiative in February 2021. The governor referred to it as a “major structural reform.”
RBI has announced that interested investors must open and maintain a “Direct Gilt Account” with RBI.
An RDG account can be opened by filling out the online form and using the OTP accepted on the registered mobile number and email identifier to authenticate and submit the form. Then, payments can be made via Net-Banking / UPI from the linked bank account. PM Narendra Modi Each compensation will be credited to the investor’s bank account by the conditions set by the aggregator.
For those who don’t know, government bonds are mostly government bonds.
Government bonds help invest because they are a financial investment vehicle that offers investors a safe and guaranteed return. In addition, the government ensures that investors receive the promised returns at maturity. However, one downside of investing in government bonds is that the returns are not very impressive.
Meanwhile, the Ombudsman’s integrated system aims to improve further the complaint handling mechanism for the settlement of customer complaints. Against companies regulated by the central bank. This system is based on the “One Nation-One Ombudsman” with a portal, email address. And postal address so that customers can submit their complaints.
As part of this new initiative, there will be a one-stop shop for customers to submit their objections, submit documents and monitor the status of their complaints. Customers can also provide feedback on their experience using the portal, the central bank said. In addition, the Reserve Bank of India offers multilingual fees a toll-free number for all relevant complaint protection information and also assists in filing a complaint.
“The recently announced RBI integrated ombudsman system is expected to change direction regarding greater transparency among customers. “Thanks to the increasing number of consumer complaints against banks and digital platforms, the One Nation One Redressal Redressal program simplifies the process of optimizing for inconsistencies in digital payments,” said Mayank Goyal, CEO, and founder of moneyHOP.
