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‘One Nation, One Ombudsman System’ has taken shape in banking sector today: PM Modi

12/11/2021 at 12:13 PM

New Delhi, Nov 12: With the RBI Retail Direct Scheme, small investors in the country have got a safe medium of investment in government securities. With Reserve Bank- Integrated Ombudsman Scheme, ‘One Nation, One Ombudsman System’ has taken shape in the banking sector today.

Prime Minister Narendra Modi said this today launching two customer-centric initiatives of the Reserve Bank of India- the RBI Retail Direct Scheme and the Reserve Bank – Integrated Ombudsman Scheme.

In the last 7 years, NPAs (non-performing assets) were recognized with transparency. The focus has been on resolution; multiple reforms were carried out in the financial system and public sector banks, said the PM.

Referring to the two schemes that have been launched today, the Prime Minister said that these schemes will expand the scope of investment in the country and make access to capital markets easier, more secure for investors. The retail direct scheme has given small investors in the country a simple and safe medium of investment in government securities. Similarly, One Nation, One Ombudsman System has taken shape in the banking sector with the Integrated Ombudsman Scheme today, he said.

The Prime Minister emphasized the citizen-centric nature of these schemes. He said that one of the biggest touchstones of any democracy is the strength of its grievance redressal system. The Integrated Ombudsman Scheme will go a long way in that direction. Similarly, the Retail Direct Scheme 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, he said.

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