On Friday, Prime Minister Narendra Modi will unveil two innovative Reserve Bank of India (RBI) customer-centric initiatives. PM Modi will launch the initiatives via video conferencing at 11 am, according to the Prime Minister’s Office.

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

The RBI Retail Direct Scheme aims to improve retail investors’ access to the government securities market. It gives them a new way to invest directly in securities issued by the Indian government and state governments.

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

The RBI’s Integrated Ombudsman Scheme targets at improving the grievance redress mechanism for customers who have complaints about entities regulated by the 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.

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“RBI’s recently announced Integrated Ombudsman Scheme is expected to be a game changer in terms of amplifying transparency among customers. Owing to the increasing number of complaints from consumers against banks and digital platforms, the ‘One Nation One Grievance Redressal’ scheme simplifies the process of streamlining inconsistencies in digital payments,” Maynak Goyal, chief executive officer and founder of moneyHOP, as per News18 report.

“Additionally, virtual investors can now directly handle consumers’ complaints under a dedicated portal, thereby speeding up the process. Transparency is the key to longstanding relationships in the fintech realm. With the  Ombudsman Scheme coming into effect, the trust quotient between banks and fintech players and their customers will surely strengthen,” he further added.

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