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PM Narendra Modi launches RBI Retail Direct virtually - Know about the scheme
Reserve Bank Retail Direct Scheme allows retail investors to buy and sell government bonds online. PM Modi virtually launched the scheme today.
Updated : Nov 12, 2021, 12:14 PM IST | Edited by : Shampa Sen
 "PM Narendra Modi launches RBI Retail Direct Scheme virtually")
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Prime Minister Narendra Modi in a virtual meet today launched the much-awaited Reserve Bank of India (RBI) Retail Direct Scheme. This scheme will enable retail investors to easily access the government securities market, both primary and secondary online. PM Modi also initiated the Integrated Ombudsman Scheme.
"With Reserve Bank's Integrated Ombudsman Scheme, 'One Nation, One Ombudsman System' has taken shape in the banking sector today," PM Modi said. With the RBI Retail Direct Scheme, small investors in the country have got a safe medium of investment in government securities, Modi added.
During the event, Union Finance Minister Nirmala Sitharaman and Reserve Bank of India Governor Shaktikanta Das were present along with the Prime Minister. PM Modi said that the schemes launched today will expand the scope of investment in the country and make access to capital markets easier and more secure for investors.
In the last 7 years, NPAs (non-performing assets) were recognized with transparency. The focus has been on resolution; multiple reforms were carried out in the financial system and public sector banks: PM Narendra Modi pic.twitter.com/yNvZ8ZaRb7
— ANI (@ANI) November 12, 2021
What is RBI Retail Direct Scheme?
The Retail Direct Scheme is aimed at enhancing access to the government securities market for retail investors.
It allows retail investors to buy and sell government securities (G-sec) online both in the primary and secondary markets.
The scheme offers retail investors a new avenue for directly investing in securities issued by the GOI and the State Governments.
Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost.
RBI Retail Direct facility was announced in the Statement of Developmental and Regulatory Policies of RBI on February 5, 2021.
Retail investors (individuals) will have the facility to open and maintain the 'Retail Direct Gilt Account' (RDG Account) with RBI.
Retail Direct Gilt Account can be opened through an 'Online portal' provided for the purpose of the scheme.
The RDG account can be opened singly or jointly with another retail investor who meets the eligibility criteria.
