Reforms initiated in financial system, public sector banks over last 7 years: PM Modi

New Delhi [India], November 12 (ANI): Prime Minister Narendra Modi on Friday said that in the last seven years, non-performing assets were recognized with transparency in the country and pointed out that multiple reforms were carried out in the financial system and public sector banks in this regard.
"In the last seven years, NPAs were recognized with transparency. The focus has been on resolution; multiple reforms were carried out in the financial system and public sector banks," the Prime Minister said while speaking at the launch of two customer-centric initiatives of RBI.
"With the RBI Retail Direct Scheme, small investors in the country have got a safe medium of investment in government securities. With Reserve Bank- Integrated Ombudsman Scheme, 'One Nation, One Ombudsman System' has taken shape in the banking sector today," the Prime Minister said.
Earlier today, PM Modi launched two innovative customer-centric initiatives of the Reserve Bank of India.
The RBI Retail Direct Scheme is aimed at enhancing access to the government securities market for retail investors. It offers them a new avenue for directly investing in securities issued by the Government of India and the State Governments. Investors will be able to easily open and maintain their government securities account online with the RBI, free of cost.
The Reserve Bank - Integrated Ombudsman Scheme 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. (ANI)