NEW DELHI: On Friday, Prime Minister Narendra Modi uncovered schemes meant for small investors which will help them to buy government bonds from a dedicated RBI platform.
PM Modi laid stress on the need for trust in the system, ease of investment, and convenience for everyone while unveiling the RBI Retail Direct Scheme for the investors. Through this scheme, small investors can invest in government securities safely. PM also launched the Integrated Ombudsman Scheme which laid stress on the importance of a strong financial system. This scheme of Ombudsman has led to the “One Nations, One Ombudsman” system in the country,” PM said.
The efforts of RBI and the various steps taken by the Ministry of Finance for the financial inclusion were complemented by the PM in his speech. He added that in the past, financial services used to be like an exclusive club in the country but now these are accessible to everyone regardless of any discrimination.
Criticizing the previous governments he said, “Those who had the responsibility of taking these facilities to the poor never paid any attention. Rather, different excuses were put forward as the reason for the same.”
Regarding the wide coverage of UPI, PM Modi said, “Digital transactions have increased by 19 times in 7 years and the country’s banking system is operational 24 hours, 7 days, and 12 months at present. Everyone has seen its benefits during Covid.”
PM also added, “The needs of the citizens should be strengthened along with the trust of the investors. I am confident that RBI will continue to play its part in strengthening the country’s new identity as a sensitive and investor friendly destination.”