Scheduled Commercial Banks have recovered Rs 90 crore from financial offences In last five years

Scheduled Commercial Banks have recovered Rs 90 crore from financial offences In last five years The Reserve Bank of India (RBI) has announced the start of the "RBI Retail Direct Scheme" and the "Integrated Ombudsman Scheme, 2021." Shri Pankaj Chaudhary, Union Minister of State for Finance, mentioned this in a written response to a question in the Lok Sabha today. According to the Minister, 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 web portal has been designed to be both safe and user-friendly. According to the Minister, the programme aims to make government assets more accessible to the general people by simplifying the investment process and expanding the investor base. The RBI Retail Direct Scheme, according to the Minister, is likely to broaden the investor base for government assets, resulting in increased demand for these securities and a lower cost of borrowing 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 expand further. A well-developed G-sec market speaks well for the development of other fixed-income segments in India. To read details as well as key aspects of both schemes download the PDF given below.