MUMBAI: Reserve Bank of India has received a healthy response for its customer centric initiative of 'Retail Direct Scheme'.
The scheme provides a new medium of investment in government securities. In a tweet, RBI on Saturday said: "Encouraging response to RBI Retail Direct Scheme; 12,000+ registrations as of 2.30 pm on November 13, 2021. #RBIRetailDirect #RBItoday." The scheme was launched by Prime Minister Narendra Modi on Friday.
At the launch event, Prime Minister Narendra Modi said the 'Retail Direct Scheme' has given small investors in the country a simple and safe medium of investment in government securities. Till now, small investors found the investment exercise in G-sec as a cumbersome process.
Furthermore, he pointed out that 'Retail Direct Scheme' will bring in the middle class, employees, small businessmen and senior citizens with their small savings directly and securely in government securities. As government securities have the provision of guaranteed settlement, this gives assurance of safety to the small investor, he said.
The scheme has been touted as a significant milestone in the development of the G-sec market. It is expected to bring in G-secs within easy reach of the common man by simplifying the process of investment.
The scheme will provide online access to the government securities market - both primary and secondary - along with the facility to open their gilt securities account ('Retail Direct') with the RBI.