E-Paper
‘These will expand scope of investment’: PM Modi launches RBI's customer-centric initiatives
Under the two new schemes, investors will find it easier and safer to access capital market, Prime Minister Modi said.
Prime Minister Narendra Modi on Friday launched two customer-centric initiatives of the Reserve Bank of India (RBI), also lauding the central bank and various financial institutions for what he said was their ‘admirable’ work during the Covid-19 pandemic. The two schemes--RBI Retail Direct Scheme and RBI-Integrated Ombudsman Scheme--will further expand the scope of investment for investors in the country, he said.
Listing more benefits of the two plans, PM Modi said that these will make access to capital markets easier and more secure for investors. “With the RBI Retail Direct Scheme, small investors now have a medium through which they can safely invest in government securities. The Integrated Ombudsman Scheme has led to the ‘One Nation, One Ombudsman system’ taking shape in the country,” Prime Minister Modi said.
Talking about various reforms undertaken by his government since 2014, when he first became Prime Minister, PM Modi said that during this period, emphasis was given to recovery and resolution. He added, “In the last seven years, non-performing assets were recognised with transparency and public sector banks were recapitalised. To further strengthen this sector, co-operative banks were brought under the purview of the RBI.”
He then stressed that the needs of the country, and those of the citizens, should always be kept at the forefront. “We should continuously strengthen the faith of the investors. I am fully confident that the RBI will continue to strengthen India's new identity as a sensitive and investor-friendly destination,” PM Modi remarked.
