Rs 90 crore recovered from financial frauds in last 5 years by Scheduled Commercial Banks

Rs 90 crore recovered from financial frauds in last 5 years by Scheduled Commercial Banks The Reserve Bank of India (RBI) has announced the launch of the 'RBI Retail Direct Scheme' and the 'Integrated Ombudsman Scheme, 2021'. This was stated by Shri Pankaj Chaudhary, Union Minister of State for Finance, in a written response to a question in Lok Sabha today. The Minister stated that the government has not conducted any survey to determine the extent to which these schemes will be able to expand the scope of investment, access to capital markets, and security for investors, but the Reserve Bank of India has designed the Scheme based on feedback received from market participants in order to simplify retail investors' access to the G-Sec market. The Scheme's online portal is both secure and user-friendly. According to the Minister, the scheme aims to make government securities more accessible to the general public by simplifying the investment process and broadening the investor base. The Minister went on to say that the RBI Retail Direct Scheme is expected to broaden the investor base for government securities, which could lead to increased demand for these securities and lower borrowing costs for the government. Second, increased retail participation in Indian government securities (G-sec) will improve G-sec market liquidity, allowing the Indian G-sec market to deepen further. A well-developed G-sec market bodes well for the growth of other segments of India's fixed income market.