fbpx
HomeBusinessPM Modi Launches Two RBI Schemes

PM Modi Launches Two RBI Schemes

Prime Minister Narendra Modi today launched two customer-centric initiatives of the Reserve Bank of India (RBI). The RBI Retail direct scheme and the integrated ombudsman scheme are aimed at deepening the debt market and improving the customer grievance redressal mechanism.

The two schemes will expand the scope of investment in the country and make access to capital markets easier and more secure for investors, said PM Modi. “In the last 7 years, non-performing assets (NPAs) were recognized with transparency. The focus has been on resolution; multiple reforms were carried out in the financial system and public sector banks.”

The Prime Minister said till 6-7 years ago, banking, pension and insurance, used to be like an exclusive club in India. All these facilities were not accessible to the common citizens in the country, poor families, farmers, small traders-businessmen, women, Dalits-deprived-backward, etc.

Criticizing the earlier system, PM Modi said those who had the responsibility of taking these facilities to the poor never paid any attention to it. Rather, various excuses were made for not changing. It was said that there is no bank branch, no staff, no internet, no awareness, no idea what the arguments were, he lamented.

Talking on the occasion, RBI Governor Shaktikanta Das stated that RBI has been leveraging technology and innovation for enhancing the efficiency of its services. RBI’s developmental role is focused on further deepening financial inclusion and undertaking people-centric initiatives.

More News

High Court Orders Winding Up of SpiceJet Over Outstanding Dues

The Madras High Court has ordered the winding up of private carrier SpiceJet Limited and directed the official Liquidator attached to the High Court...

Sensex Jumps 887 Points, Nifty Above 17150

Domestic markets resumed up-trend after two sessions under the grip of bears. S&P BSE Sensex zoomed 887 points or 1.5% to end at 57,633...

1984 Anti-Sikh Riots: Former Congress MP Sajjan Kumar Charged With Two Murders

Former Congress MP Sajjan Kumar has been charged with rioting and murder in a 1984 anti-Sikh violence case. Large-scale riots had broken out in Delhi...

Most Popular

RELATED ARTICLES

High Court Orders Winding Up of SpiceJet Over Outstanding Dues

The Madras High Court has ordered the winding up of private carrier SpiceJet Limited and directed the official Liquidator attached to the High Court...

Sensex Jumps 887 Points, Nifty Above 17150

Domestic markets resumed up-trend after two sessions under the grip of bears. S&P BSE Sensex zoomed 887 points or 1.5% to end at 57,633...

1984 Anti-Sikh Riots: Former Congress MP Sajjan Kumar Charged With Two Murders

Former Congress MP Sajjan Kumar has been charged with rioting and murder in a 1984 anti-Sikh violence case. Large-scale riots had broken out in Delhi...