Two innovative customer centric initiatives of RBI viz. Retail Direct Scheme and the Reserve Bank - Integrated Ombudsman Scheme have been launched.
The Retail Direct Scheme of Reserve Bank of India (RBI) has been formulated as a one-stop solution to facilitate investment in Government Securities by individual investors. It will give strength to the inclusion of everyone in the economy as it will bring in the middle class, employees, small businessmen and senior citizens with their small savings directly and securely in government securities. As Government securities have the provision of guaranteed settlement, this gives assurance of safety to the small investor.
Integrated Ombudsman Scheme is a scheme for resolving customer grievances in relation to services provided by entities regulated by Reserve Bank of India in an expeditious and cost-effective manner under Section 35A of the Banking Regulation Act, 1949 (10 of 1949), Section 45L of the Reserve Bank of India Act, 1934 (2 of 1934) and Section 18 of the Payment and Settlement Systems Act, 2007 (51 of 2007).
Source : PIB