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

Billed as gamechangers, the two schemes may go a long way in changing how the household sector invests and complains if anything goes wrong with their savings

Prime Minister Narendra Modi on Friday will be launching two schemes of the Reserve Bank of India (RBI) that may go a long way in changing how the household sector invests and complains if anything goes wrong with their savings.

These RBI schemes--‘retail direct’ and an ‘integrated ombudsman scheme’-–will be launched by the Prime Minister virtually at 11 AM, in the presence of Finance Minister Nirmala Sitharaman.

With the introduction of retail direct, a common man can directly take a position in government securities (g-sec), considered to be the safest asset class a sovereign can offer. The idea was first