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PM Modi launches RBI schemes to ease access to money markets for small investors, better grievance redressal

November 12, 2021 12:28 PM

PM Modi launches RBI schemes to ease access to money markets for small investors, better grievance redressal
At the event, PM spoke of bringing the underprivileged under institutional financing, making the process transparent and fair.

NEW DELHI: PM Modi Narendra Modi on Friday launched wo innovative, customer-centric initiatives of the Reserve Bank of India (RBI), retail direct scheme and the integrated ombudsman scheme.

The two schemes are aimed at easing access to government securities market for retail investors.

Speaking at the event through video conferencing, PM Modi said the RBI as a regulator has kept in mind the needs of the common investors. Accessing capital markets, including government securities, will now be easier and hassle free for small investors, he said.

The guaranteed settlement of government securities will assure small investors of lucrative returns, while allowing the government finances to pursue development goals, the Prime Minister said at the launch of the schemes.

Also Read : PM Modi to lay foundation stone of four new medical colleges in Rajasthan

He also spoke of ‘financial inclusion’ of all segments of the population. The two new schemes will increase investment avenues, make accessing capital market easier and safer. The financial market, that was previously like an ‘exclusive club,’ has now been opened up for all, he said

The banking system was dealt heavy blows in the years preceding 2014 through corrupt practices, the fallouts of which are being felt even now, Modi said. Much of that has been mitigated through banking reforms. Wilful defaulters have been barred from raising money through stringent checks and balances. In the last 7 yrs., NPAs have been recognized in transparent manner, while resolution and recovery have been emphasized, he said.

At the event, PM spoke of bringing the underprivileged under institutional financing, making the process transparent and fair.

Digital transactions in India have jumped 19 folds in the last seven years, he said.

 

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