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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.

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