fbpx
  Previous   Next
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

Consumption of Dietary Beverages Increase Cardiovascular Disease Risk: Study

A new study has found a link between consuming artificial sweeteners, in dietary beverages, and increased cardiovascular disease risk like stroke. Artificial sweeteners like aspartame,...

Coronavirus: India Reports 6,093 New Covid Cases, 31 Deaths

India reported 6,093 new Covid infections in the past 24 hours against 6,395 cases on the previous day, the Union Health Ministry said on...

Natural Manuka Honey May Help Cure Drug-Resistant Lung Infection

A combination of natural manuka honey with a widely used drug can treat a lethal lung infection and greatly reduce side effects of one...

RELATED NEWS

Japanese Scientists Develop Cyborg Insects

Scientists have developed cyborg insects to be used for applications such as urban search and rescue, with body-mounted energy-harvesting devices. These unique machines could...

Samsung Develops Prototype Toilet For World’s Poorest Communities

Samsung Electronics said on Thursday it has successfully wrapped up a project with the Bill & Melinda Gates Foundation to develop a prototype toilet...

Plastic Waste May One Day Be Upcycled To Useful Commodity Chemicals

A plastics recycling innovation that does more with less simultaneously increases conversion to useful products while using less of the precious metal ruthenium. It...