Emphasizing the citizen centric nature of these schemes, Mr. Modi said the biggest touchstone of any democracy is the strength and pro-activeness of its grievance redressal system, adding that the Integrated Ombudsman Scheme will go a long way in that direction.
Stating that the Retail Direct Scheme will ensure easier and safer access for smaller investors in government securities, the Prime Minister said the provision of guaranteed settlement for government securities gives assurance of safety to citizens to invest their small savings.
He informed that investors just need to open a Retail Direct Gilt Account by logging on to the RBI Retail Direct’s official website. One does not need any fund manager to handle the account and investors can operate it on their own from their smartphones. The account can also be linked to the investor’s savings bank account. It may be noted that there will be no charges for opening the Retail Direct Gilt Account.
Highlighting the fact that India’s banking system is now operational round the clock, anywhere across the country, Mr. Modi said India has jumped 19 times in terms of digital transactions in the past seven years.
Emphasizing that the current government is focused on resolution and recovery, Mr. Modi said non-performing assets have been identified with transparency in the last seven years. He said recapitalization of public sector banks, bringing cooperative banks under the purview of RBI and many such reforms have improved public’s trust in the banking system.
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