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Monday, November 29, 2021
HomeBusinessPM Modi launches scheme for RBI retail direct

PM Modi launches scheme for RBI retail direct

New Delhi: Today, prime minister Narendra Modi launched the ‘RBI Retail Direct scheme’ in a virtual meet. The scheme provides retail investors to purchase and sell government securities online. 

The Reserve Bank of India (RBI) announced the scheme in its February 2021 monetary policy. So, the gateway for purchasing and trading government bonds will be open at rbiretaildirect.org.in.

RBI Retail Direct Scheme enables local investors to purchase and trade government bonds (G-sec) online in primary and secondary markets. 

The Prime Minister’s Office (PMO) stated that the scheme further aims to improve the entrance to the government bonds market for retail investors.

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“The central theme of the scheme is based on ‘One Nation-One Ombudsman’ with one portal, one email and one address for the customers to lodge their complaints,” the PMO release said. 

“There will be a single point of reference for customers to file their complaints. Then submit the documents, track status and provide feedback. In addition, a multi-lingual toll-free number will provide all relevant information on grievance. Including, assistance for filing complaints,” the PMO office statement further added.

According to specifications given by RBI, these small investors can now invest in G-Secs by opening an bond account with the RBI. So, the account opened will be termed as Retail Direct Gilt (RDG) Account.

Investors can register on the online gateway by filling up the online form. So, they will receive the OTP on the registered mobile number and email ID to verify the data. Upon successful registration, ‘Retail Direct Gilt Account’ will be opened.

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