PM Modi to launch two innovative customer-centric initiatives of RBI today

Prime Minister Narendra Modi will launch two innovative customer-centric initiatives of the Reserve Bank of India

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Prime Minister Narendra Modi is scheduled to launch two innovative customer-centric initiatives of the Reserve Bank of India (RBI) on Friday.

As per the Prime Minister's Office, PM Modi will launch the initiatives at 11 am on Friday through video conferencing.

"These initiatives are the RBI Retail Direct Scheme and the Reserve Bank - Integrated Ombudsman Scheme," PMO in a release said.

Notably, the RBI Retail Direct Scheme is aimed at enhancing access to the government securities market for retail investors. It offers them a new avenue for directly investing in securities issued by the Government of India and the state governments.

'Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost," the PMO said.

The Reserve Bank - Integrated Ombudsman Scheme aims to further improve the grievance redress mechanism for resolving customer complaints against entities regulated by RBI.

"The central theme of the scheme is based on 'One Nation-One Ombudsman' with one portal, one email and one address for the customers to lodge their complaints. There will be a single point of reference for customers to file their complaints, submit the documents, track status and provide feedback. A multi-lingual toll-free number will provide all relevant information on grievance redress and assistance for filing complaints," read the release added.