In news

RBI came up with two customer-centric initiatives-RBI Retail Direct Scheme and the Reserve
Bank-Integrated Ombudsman Scheme. 

Aim

It is aimed at enhancing access to the government securities market for retail investors. It offers
retail investors a new avenue for directly investing in the securities issued by the centre and the
state governments.

RBI Retail Direct Scheme

• The scheme allows retail investors to buy and sell government securities (G-Sec) online, both in the primary and secondary markets.
• According to details provided by RBI, these small investors can now invest in G-Secs by opening a gilt securities account with the RBI.
• The account opened will be called Retail Direct Gilt (RDG) Account.
• Registered investors can access the secondary market transaction link on the online portal to buy or sell government securities through NDS-OM.

Reserve Bank-Integrated Ombudsman Scheme

• This will help in improving the grievance redress mechanism for resolving customer complaints against RBI’s regulated entities.
• According to the PMO, the scheme is based on “One Nation-One Ombudsman” with one portal, one email, and one address for the customers to lodge their complaints.
• Customers will be able to file complaints, submit documents, track status, and give feedback through a single email address.
• There will also be a multilingual toll-free number that will provide all relevant information on grievance redress.
• The fundamental principle is based on ‘One Nation-One Ombudsman’ involving one portal,
  one email and one address that ensures a simple, hassle-free and customer-friendly method of communication in resolving grievances.