The Reserve Bank of India (RBI), the country’s apex bank, has unveiled two new initiatives, which will ease the grievance redressal process and access to government securities.
One of these schemes, the Reserve Bank – Integrated Ombudsman Scheme, is aimed at helping resolve complaints against RBI-regulated institutions more effectively.
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Based on the theme of ‘One Nation-One Ombudsman’, the initiative offers a single point of contact to consumers to file complaints, submit documents, offer feedback as well as track the status of their complaints.
Additionally, a toll-free number will offer support in filing complaints and provide related information.
Currently, the central bank has a separate grievance redressal system for banks, non-banking financial company and digital payments.
Separately, the RBI Retail Direct Scheme seeks to improve access to government securities market for retail investors.
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By GlobalDataIt is said to offer retail investors access to new opportunities to directly invest in the securities issued by the central government of India and state governments.
The scheme will allow investors to open and maintain government securities account online for free.
Earlier, India launched the Account Aggregator (AA) system to improve access to credit.
The system will collect all sorts of financial data such as bank statements, mobile bill payments, tax filings, retirement fund balances to offer loans without collateral to thin-file customers.
