RBI Retail Direct Scheme

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About the Retail Direct Scheme–

• • It is aimed at enhancing access to the government securities market for retail investors. 
  • It also aims to provide a safe, simple, direct and secured platform to investors.
  • Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost.
  • Under the Scheme, retail individual investors will be able to open a Retail Direct Gilt (RDG) Account with the Reserve Bank of India, using an online portal (https://rbiretaildirect.org.in).

• Under this scheme, investments can be made using the following routes:

1. Primary issuance of government securities: Investors can place bid as per the non-competitive scheme for participation in primary auction of government securities and procedural guidelines for SGB issuance.
2. Secondary market: Investors can buy and sell government securities on NDS-OM (‘Odd Lot’ and ‘Request for Quotes’ segments).

• Payments for transactions under the scheme can be done conveniently using a savings bank account through internet-banking or Unified Payments Interface (UPI).
• Investor services under this include provisions for transaction and balance statements, nomination facility, pledge or lien of securities and gift transactions. 

About the Reserve Bank – Integrated Ombudsman Scheme

• It aims to further improve the grievance redress mechanism for resolving customer complaints against entities regulated by RBI. 
• 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. 
• There will be a single point of reference for customers to file their complaints, submit the documents, track status and provide feedback. 
• A multi-lingual toll-free number will provide all relevant information on grievance redress and assistance for filing complaints.
• The Scheme integrates the existing three Ombudsman schemes of RBI namely, the Banking Ombudsman Scheme, 2006; the Ombudsman Scheme for Non-Banking Financial Companies, 2018; and the Ombudsman Scheme for Digital Transactions, 2019. 
• It will provide cost-free redress of customer complaints involving deficiency in services rendered by entities regulated by RBI, if not resolved to the satisfaction of the customers or not replied within a period of 30 days by the regulated entity.
• The Scheme also includes under its ambit Non-Scheduled Primary Co-operative Banks with a deposit size of Rs.50 crore and above. 
• It will no longer be necessary for a complainant to identify under which scheme he/she should file a complaint with the Ombudsman.
• It defines ‘deficiency in service’ as the ground for filing a complaint, with a specified list of exclusions. 
• The Scheme has done away with the jurisdiction of each ombudsman office.
• The responsibility of representing the Regulated Entity and furnishing information in respect of complaints filed by customers against the Regulated Entity would be that of the Principal Nodal Officer in the rank of a General Manager in a Public Sector Bank or equivalent.
• The Regulated Entity will not have the right to appeal in cases where an Award is issued by the ombudsman against it for not furnishing satisfactory and timely information/documents.
• The Executive Director-in charge of Consumer Education and Protection Department of RBI would be the Appellate Authority under the Scheme.

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