In terms of Government of India Notification No.4(5)-B(W&M)/2021 dated October 21, 2021, Sovereign Gold Bonds 2021-22 (Series VIII) will be opened for subscription during the period November 29- December 03, 2021 with Settlement date December 07, 2021. The issue price of the Bond during the subscription period shall be Rs 4,791 (Rupees Four thousand Seven hundred ninety one only) – per gram, as also published by RBI in their Press Release dated November 26, 2021.
The Government of India in consultation with the Reserve Bank of India has decided to allow discount of Rs 50 (Rupees Fifty only) per gram from the issue price to those investors who apply online and the payment is made through digital mode. For such investors the issue price of Gold Bond will be Rs 4,741 (Rupees Four thousand seven hundred forty one only) per gram of gold.
The International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021 (CMI Regulations) have been notified in October 2021 providing the regulatory framework for various categories of capital market intermediaries operating in the International Financial Services Centres (IFSC), including broker dealers.
The broker dealers play a significant role in development of the capital market ecosystem, particularly retail participation. The Expert Committee Report on IFSC International Retail Business Development had recommended that the broker dealers in the IFSC may be provided access to global markets.
Based on the representations received from stakeholders at various forums and in line with the practices in some of the competing offshore jurisdictions, the broker dealers in the IFSC have been permitted access to global exchanges outside IFSC with adequate checks and balances.
The broker dealer in the IFSC is permitted to access global access through any of the following manners:
Cross-border arrangement with an entity providing access to an exchange outside IFSC, provided that such entity is a regulated entity in the other jurisdiction; or
Registering itself as a trading member of an exchange outside IFSC, provided that the broker dealer is trading on its proprietary account and does not have any client dealing.
The broker dealer providing global access shall comply with the regulatory provisions of the CMI Regulations and conditions laid out in the circular issued in this regard.
InFinity Forum is IFSCA’s flagship financial technology and global thought leadership event where pressing problems, progressive ideas, innovative technologies from across the world gets Discovered, Discussed and Developed into Solutions and it unites the world’s leading minds in policy, business, and technology to discuss and come up with actionable insight into how technology and innovation can be leveraged by the FinTech industry for inclusive growth and serving the humanity at large.
“The future of FinTech and Industry 4.0 is emerging in India. Just as India will learn from others, we will share our experience and expertise with the world. Because, what drives India also holds hope for others. And, we dream for India is what we also wish for the world. This is a common journey for all” said PM Modi.
In Union Budget speech 2020-21, Union Minister for Finance Corporate Affairs, Smt. Nirmala Sitharaman announced to support a “World Class FinTech Hub” at GIFT IFSC, country’s first International Financial Services Centre (IFSC). IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centres (IFSCs) in India.
“As the unified regulator for international financial services centers in India, the IFSCA is focused on fostering and enabling growth of the financial services industry on a global scale. Our flagship Infinity Forum is part of our endeavor to bring together all key stakeholders of the global FinTech Industry to explore the limitless future of the industry in the spirit of mutual cooperation. As the Indian Fintech industry grows exponentially, we have a lot to offer and lot to learn from our partner nations and others that successfully have leveraged FinTech for innovation beyond finance.” said Shri Injeti Srinivas, Chairperson, IFSCA.
The InFinity Forum shall also provide opportunities to
selective FinTech from India and Partner countries including the finalists from sprints organized under I-Sprint’21 series of IFSCA to showcase their innovation in virtual exhibition on 4th December, 2021 and
students of Colleges and Universities from India and Partner Countries to develop and submit Call for Action statements on policy recommendations emanating out of the various sessions at the Forum enabling them to play a key role in shaping the vision and priorities of FinTech industry.
Hon’ble Prime Minister Shri Narendra Modi to inaugurate IFSCA’s InFinity Forum on 3rd December 2021.
The agenda of the Forum will focus on the theme of ‘Beyond’; with various sub themes including:
FinTech beyond boundaries with governments and businesses focussing beyond the geographical boundaries in the development of global stack to promote financial inclusiveness;
FinTech beyond Finance by having convergence with emerging areas such as SpaceTech, GreenTech and AgriTech to drive sustainable development; and
FinTech Beyond Next with focus on how Quantum Computing could impact the nature of Fintech industry in the future and promote new opportunities. Each of the themes extends the realm of FinTech beyond boundaries, keeping in line with the overarching spirit of the event.
Retail Direct scheme is a one-stop solution to facilitate investment in Government Securities by Individual Investors. Under this scheme Individual Retail investors can open Gilt Securities Account – “Retail Direct Gilt (RDG)” Account with the RBI.
Who can open Retail Direct Gilt Account?
Retail investors would mean all individuals (natural persons)
Retail investors, as defined under the RBI Retail Direct scheme, can register under the Scheme and maintain a RDG Account, if they have the following:
Rupee savings bank account maintained in India;
Permanent Account Number (PAN) issued by the Income Tax Department;
Any OVD for KYC purpose;
Valid email id; and
Registered mobile number.
Non-Resident retail investors eligible to invest in Government Securities under Foreign Exchange Management Act, 1999 are eligible under the scheme.
The RDG account can be opened singly or jointly with another retail investor who meets the eligibility criteria.
What are the benefits of the Scheme?
Retail investors (individuals) will have the facility to open and maintain the ‘Retail Direct Gilt Account’ (RDG Account) with RBI.
The investor can place non competitive bids in Primary issuance of all Central Government securities (including Treasury Bills and Sovereign Gold bonds) as well as securities issued by various State Governments.
Under this scheme, the individual can also access Secondary market through “NDS OM” – RBI’s trading system.
The investor will automatically receive any interest paid/maturity proceeds into his linked bank account on due dates.
What are the facilities available on the RBI Retail Direct Portal?
The RBI Retail Direct Online Portal will facilitate the following:
On-boarding of Retail Direct Investors,
Opening and management of RDG Accounts,
Facilitate participation in Non Competitive Bidding in Primary G-sec Auctions through the Clearing Corporation of India (CCIL)
Facilitate Investing in Sovereign Gold Bonds (SGBs) through CCIL
Facilitate NDS OM access to Retail Direct Investors for secondary market trading and settlement of such trades through CCIL.
Provide Investor Services such as:
Account Statement
Nomination Facility
Pledge/Lien
Gift Transactions
Facilitate Corporate Actions such as:
Coupon Payments
Coupon Payments
What are the documents requiredfor opening a Retail Direct Gilt Account?
The individual can login to RBI Retail Direct to open a Retail Direct Gilt Account. The account can be opened online with just PAN, Rupee Savings Account, email id and mobile number of the Individual. With these details, the individual needs to complete seamless online KYC procedure to do registration under this scheme. Investors will have to follow the RBI KYC Guidelines while opening the RDG Account.
What is the procedure for opening a Retail Direct Gilt Account?
Eligible Investors will be allowed to register online on the Retail Direct Portal;
The eligible retail clients can open RDG Account either singly or jointly;
To open an account, the investor will have to furnish details like Full Name, PAN, Mobile Number, Email Address, Residential Address, Bank Account number etc. The mobile number and email address will be authenticated using OTP as all further customer request and services will be OTP based;
The user will be provided with a tracking number to track application status;
Such Investors will be subject to Know your Customer Guidelines. CCIL will adhere to the RBI KYC Direction 2018 while onboarding the Investor;
In case of Joint Accounts, the KYC verification is proposed to be done for both the holders. In case of KYC failures, the individual can make new application or resubmit application after making necessary changes;
The Bank Account of the Customer will also be validated
Once the KYC is successful, a Retail Direct Gilt (RDG) Account will be opened in the name of the Investor(s);
Information related to account number, login id & password to access the Online Portal for participating in primary auctions and accessing other services will be made available to the Customer over mail.
It will be mandatory for the Investor to fill in the nomination details at the time of opening of the account. The nomination details will be displayed online to the Investor and the Investor will have to accept the same by uploading and attaching a scanned image of signature.
The RDG Account will be available for primary market participation and well as secondary market transactions on NDS-OM
What is permitted under Primary Issuances?
RDG Account holders have been allowed to participate in the primary issuance of CG/SG/T-bill/SGB. CCIL will act as the Aggregator for receiving bids for Primary Auctions from such Retail Direct (RD) Investors;
CCIL will also act as the Receiving Office for receiving bids for Sovereign Gold Bonds (SGB) from such RD Investors;
How will the bidding happen using the RBI Retail Direct Portal?
The participation of RDG Account holder, in CG/SG/T-bill Primary Auctions will be on non-competitive basis;
CCIL will submit a single aggregate bid (consisting of all RDG Account holders non-competitive bid in a particular security) to RBI on auction date;
In case of SGB, the individual bids of each RDG Account holder is proposed to be sent to RBI;
The RDG Account holders will be allowed to place bids and withdraw bids during the bidding interval or the period of subscription (for SGBs);
Only one active bid will be allowed per retail client in the non-competitive portion for respective Security. In case of CG/SG/T-bill, the bidding will be in minimum & multiple of FV 10,000, in case of SGB, FV unit of 1 gram;
The maximum limit per bid specified by RBI (presently Rs 2 crore for CG/T Bill and 1 percent for SG) will be validated;
How will the payment be made for the bids placed on the RBI Retail Direct Portal?
For the Primary Auction market, a Bid is required to be backed by funding based on indicative price and accrued interest alongwith a Markup (as non-competitive allotment price shall be known only after auction cut off) for protection against any adverse price movement till Auction Settlement Date. The Markup will be refunded to the Investor post allocation based on the Cut Off Price for the Auction;
In case of SGBs, the funding will be based on Issue Price declared for the particular Issue;
For making payment for the bids, the retail clients can use services like UPI (Transfer or Block) and Net Banking to transfer funds to a designated current account using Payment Gateways linked to the Online Portal;
The funding of the bids can be done either at the time of bidding or at a later time, but, before the closure of bidding/subscription window. Bids which are not funded as on the date of submission of bids to RBI will be cancelled.
When will the allotment be made and credited to the RDG Account?
Based on the allotment advice received as a part of the auction result, the allotments will be made to the Individual Investors;
In case of full allotment, each bidder will be allocated in full FV for which he/she had submitted the bid. In case of partial allotment, a pro-rata allotment will be made to the bidder based on the partial allocation percentage determined during the result declaration process;
Once the allotment is completed, the revised consideration for allotted bids shall be recomputed based on Weighted Average Price (WAP) declared by RBI in respective Security Auction;
On settlement date of Auction, post settlement at RBI, the RDG account shall be credited with the security to the extent of Face Value allotment;
In case of SGBs, post allotment of SGB units at RBI, the RDG account shall be credited with the SGB unit to the extent of allotment;
RDG account holders shall be provided with requisite queries to view the allotment on the portal. RDG account holders shall also be notified through a SMS message on their registered mobile and registered email;
When will the excess mark up collected at the time of bidding be refunded?
After the weighted average price is announced by RBI, the excess markup,will be refunded to the Retail Direct Investor on the settlement date.
Such refunds will be processed by the online portal and will be remitted to the retail client’s respective bank accounts;
The retail client can view such details on the portal. Email and SMS will also be sent to the client about such updates;
How can the NDS OM Secondary Market Portal be accessed?
The NDS OM Secondary Market Portal can be accessed through the RBI Retail Direct Portal. Each registered RD Investor opting for secondary market trading on NDS OM will be provided a CCIL ID. RDG will be permitted to access NDS-OM Order Matching Segment and Request for Quote (RFQ) Segment.
What is the procedure for carrying out secondary market trades on NDS OM?
RDG Account holders can trade in CG/SG/T-bill/SGB, in the Odd Lot segment. RDG available balances would be transferred to NDS OM at the beginning of the day;
RDG can place sell orders only to the extent of balances available. Other transfers would be permitted in the RDG Account only after end of trading day;
RDG can place buy orders only after remittance of funds using service like UPI(Transfer/Block) and Net Baking through Payment Gateways linked to the NDS OM Retail Portal. Funds remitted by RDG shall be received in the designated current account with the Bank providing Payment Gateway;
How does the secondary market settlement happen?
Trades executed by Retail Direct Investors will flow to CCIL for settlement. Settlement would happen on T+1 day;
Securities credit to RDG in respect of their purchases shall be made post completion of settlement on settlement date;
Fund credit to RDG in respect of their sale shall be made after completion of settlement on settlement date to their registered Bank Accounts;
In case the funds remitted by the Retail Direct Investor using the Payment Gateway is not received by CCIL, the securities purchased by the Retail Direct Investor may not be credited to the RDG Account, till the time the funds are received by CCIL from the Payment Gateway.
In case of a failure by a seller from whom the Retail Direct Investor has purchased a security, to deliver the concerned security, the funds remitted by the Retail Direct Investor will be refunded to the Retail Direct Investor on the settlement day.
When will the excess money transferred for secondary market purchase be refunded?
The excess funds received from Retail Direct Investor after adjusted the trade consideration shall be refunded back to Retail Direct Investor on the date of receipt/settlement date;
How will the corporate actions (coupon and redemption) on the RDG holdings serviced?
On receipt of coupon/ redemption proceeds from RBI, the exact entitlement of each RDG account holder will be computed based on their holdings;
The exact amount to be paid will be computed and remitted to the respective bank account of each RDG Account holder holding concerned security on the day of receipt from RBI;
The RDG account holders can view such Corporate Action details on the online portal;
How can the Holding Statement of RDG Accounts be viewed?
The RDG Account holder will have access to information about his/her holding balances on a daily basis. Such information can be viewed on the portal by the RDG Account holder. Period Account Statements will also be mailed to the RDG Account Holder;
What are the other services available under the Retail Direct scheme?
The following additional services are proposed to be made available to the Retail Direct Investor on the RBI Retail Direct Portal:
Nomination
Gifting
Pledge/Lein/Transfer
What are the charges/fees payable?
No fee will be charged for opening and maintaining ‘Retail Direct Gilt account’ with RBI. No fee will be charged by the aggregator for submitting bids in the primary auctions. Fee for payment gateway etc., as applicable, will be borne by the registered investor.
What is the Role of Clearing Corporation of India Ltd (CCIL)?
CCIL is authorized by the Reserve Bank of India to act as an aggregator for Primary Issuances and as Receiving Office for Sovereign Gold Bondsfor the Retail Direct Investors. CCIL is also authorized by RBI to operate the NDS OM platform.
The release of quick estimates of Index of Industrial Production (IIP) for the month of September, 2021 shows a sustained increase in industrial production. The IIP, in FY 2021-22, has grown from an average of 121.3 in Q1 to 130.2 in Q2. The IIP in Q2 would have been still higher but for heavy monsoons disrupting mining activity, especially coal and consequently electricity generation, that repressed the growth of overall production index.
The manufacturing index in IIP has held steady and is likely to rise in subsequent months mirroring the eight-month high in Purchasing Manager’s Index (PMI) for manufacturing reaching 55.9 in October, 2021.
A sharp increase in capital goods index from an average of 74.0 in Q1 of FY 2021-22 to 91.7 in Q2 underscores a significant recovery in investment.
There are clear signs of investment being induced by rise in consumption in FY 2021-22 as consumer durables index increases from 91.7 in Q1 to 121.2 in Q2 while consumer non-durables index also moves up from 139.1 to 146.9 across the two quarters.
The release of Consumer Price Index (CPI) numbers for the month of October 2021 shows that the decline in annual consumer price inflation has now gradually set in FY 2021-22. The annual CPI inflation has declined from 5.6 per cent in Q1 to 5.1 per cent in Q2 and it is lower still at 4.5 per cent in October of FY 2021-22.
Similarly, Consumer Food Price Inflation (CFPI) has declined from 4.0 per cent in Q1 of FY 2021-22 to 2.6 per cent in Q2 and further to 0.8 per cent in October showing that supply side disruptions to food distribution have considerably eased.
Activity levels have been steadily increasing in FY 2021-22 as reflected in the latest levels of several High Frequency Indicators including E-way bills, power consumption and GST collections. GST collections have soared in FY 2021-22 to reach its second highest monthly collections ever of Rs.1.3 lakh crore in October, 2021, reflecting robustness of growth revival. Tractor sales hit a record high of 1,15,615 units in October 2021, 25 % higher than September, 2021 volumes, indicative of sustained growth in the agricultural sector.
PMI services has accelerated to a decadal high of 58.4 in October, 2021, suggesting a strong revival in contact-based services sector with the weakening of the pandemic. Average Hotel Occupancy rate in leisure destinations rising from about 55 per cent in Q1 of FY 2021-22 to over 60 per cent in Q2 underscores the service sector growing optimism.
Exports are visibly emerging as the engine of growth for India’s economy having crossed $30 billion for the seventh successive month in October of FY 2021-22. On a cumulative basis, India’s merchandise exports in April-October stood at $232.58 billion, up 54.5% over the same period in 2019.
Outstanding credit of the scheduled commercial banks has been steadily rising in FY 2021-22. Retail credit in particular has been noticeably increasing suggestive of strengthening consumption in the economy. According to CIBIL, inquiry volumes have increased by 54 per cent between February and October of 2021 as economic activity has gained momentum.
क्या आपका बैंक उचित सेवा नहीं देता ? RBI ने 12 Nov 2021 से नयी ओम्बड्समैन स्कीम (One Nation One Ombudsman ) लाकर कस्टमर को दी एक नयी राहत https://youtu.be/GXK8_RhvMqA
One Nation, One Ombudsman -Remedy against deficiency in Banking Services w.e.f. 12 Nov 2021
PM launches two innovative customer centric initiatives of RBI
“One of the biggest touchstones of a democracy is the strength of its grievance redressal system. The Integrated Ombudsman Scheme will go a long way in that direction”
“Retail Direct Scheme will give strength to the inclusion of everyone in the economy as it will bring in the middle class, employees, small businessmen and senior citizens with their small savings directly and securely in government securities”
“Due to government’s measures, the governance of banks is improving and the trust in this system is getting stronger among the depositors”
“The decisions of the RBI also helped in enhancing the impact of the big decisions that the government has taken in recent times”
“Till 6-7 years ago, banking, pension and insurance, used to be like an exclusive club in India”
“In just 7 years, India has jumped 19 times in terms of digital transactions. Today our banking system is operational 24 hours, 7 days and 12 months anytime, anywhere in the country”
“We have to keep the needs of the citizens of the country at the center and keep on strengthening the trust of the investors”
“I am confident that RBI will continue to strengthen India’s new identity as a sensitive and investor-friendly destination”
Prime Minister Shri Narendra Modi launched two innovative customer centric initiatives of RBI viz. Retail Direct Scheme and the Reserve Bank – Integrated Ombudsman Scheme, here today via video conference. The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman and the Governor of the Reserve Bank of India Shri Shaktikanta Das were also present at the event.
Addressing the event, the Prime Minister praised the Finance Ministry and institutions like RBI for their efforts during the pandemic. “This period of Amrit Mahotsav, this decade of the 21st century is very important for the development of the country. In such a situation, the role of RBI is also very big. I am confident that Team RBI will live up to the expectations of the country”, the Prime Minister said.
Referring to the two schemes that have been launched today, the Prime Minister said that these schemes will expand the scope of investment in the country and make access to capital markets easier, more secure for investors. Retail direct scheme has given small investors in the country a simple and safe medium of investment in government securities. Similarly, One Nation, One Ombudsman System has taken shape in the banking sector with the Integrated Ombudsman Scheme today, he said.
The Prime Minister emphasized the citizen centric nature of these schemes. He said that one of the biggest touchstones of any democracy is the strength of its grievance redressal system. The Integrated Ombudsman Scheme will go a long way in that direction. Similarly, the Retail Direct Scheme will give strength to the inclusion of everyone in the economy as it 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 Prime Minister said that in the last 7 years, NPAs were identified with transparency, the focus was on resolution and recovery, Public Sector Banks were recapitalized, one after the other reforms were carried out in the financial system and public sector banks. He added, to further strengthen the banking sector, cooperative banks were also brought under the purview of RBI. Due to this the governance of these banks is also improving and the trust in this system is getting stronger among the depositors, he added.
The Prime Minister said in the past few years, in the country’s banking sector reforms ranging from inclusion in the financial sector to technological integration have been carried out. “We have seen their strength in this difficult time of Covid. The decisions of the RBI also helped in increasing the impact of the big decisions that the government has taken in recent times”, he said.
The Prime Minister said till 6-7 years ago, banking, pension and insurance, used to be like an exclusive club in India. All these facilities were not accessible to the common citizens in the country, poor families, farmers, small traders-businessmen, women, dalits-deprived-backward, etc. Criticizing the earlier system, the Prime Minister said those who had the responsibility of taking these facilities to the poor never paid any attention to it. Rather, various excuses were made for not changing. It was said that there is no bank branch, no staff, no internet, no awareness, no idea what the arguments were, he lamented.
The Prime Minister said UPI has made India the world’s leading country in terms of digital transactions in a very short span of time. In just 7 years, India has jumped 19 times in terms of digital transactions. Today our banking system is operational 24 hours, 7 days and 12 months anytime, anywhere in the country, Shri Modi stressed.
The Prime Minister said we have to keep the needs of the citizens of the country at the center and keep on strengthening the trust of the investors. “I am confident that RBI will continue to strengthen India’s new identity as a sensitive and investor-friendly destination”. The Prime Minister concluded.
अमृत महोत्सव का ये कालखंड, 21वीं सदी का ये दशक देश के विकास के लिए बहुत अहम है।
ऐसे में RBI की भी भूमिका बहुत बड़ी है।
मुझे पूरा विश्वास है कि टीम RBI, देश की अपेक्षाओं पर खरा उतरेगी: PM @narendramodi— PMO India (@PMOIndia) November 12, 2021
आज जिन दो योजनाओं को लॉन्च किया गया है, उससे देश में निवेश के दायरे का विस्तार होगा और कैपिटल मार्केट्स को Access करना, निवेशकों के लिए अधिक आसान, अधिक सुरक्षित बनेगा: PM @narendramodi— PMO India (@PMOIndia) November 12, 2021
Retail direct scheme से देश में छोटे निवेशकों को गवर्नमेंट सिक्योरिटीज़ में इंवेस्टमेंट का सरल और सुरक्षित माध्यम मिल गया है।
इसी प्रकार, Integrated ombudsman scheme से बैंकिंग सेक्टर में One Nation, One Ombudsmen System ने आज साकार रूप लिया है: PM @narendramodi— PMO India (@PMOIndia) November 12, 2021
बीते 7 सालों में, NPAs को पारदर्शिता के साथ Recognize किया गया,
Resolution और recovery पर ध्यान दिया गया,
पब्लिक सेक्टर बैंकों को Recapitalize किया गया,
फाइनेंशियल सिस्टम और पब्लिक सेक्टर बैंकों में एक के बाद एक रिफॉर्म्स किए गए: PM @narendramodi— PMO India (@PMOIndia) November 12, 2021
बैंकिंग सेक्टर को और मज़बूत करने के लिए Co-operative बैंकों को भी RBI के दायरे में लाया गया।
इससे इन बैंकों की गवर्नेंस में भी सुधार आ रहा है और जो लाखों depositors हैं, उनके भीतर भी इस सिस्टम के प्रति विश्वास मजबूत हो रहा है: PM @narendramodi— PMO India (@PMOIndia) November 12, 2021
बीते सालों में देश के banking सेक्टर में, financial sector में Inclusion से लेकर technological integration और दूसरे reforms किए हैं, उनकी ताकत हमने कोविड के इस मुश्किल समय में भी देखी है।
सरकार जो बड़े-बड़े फैसले ले रही थी, उसका प्रभाव बढ़ाने में RBI के फैसलों ने भी मदद की: PM— PMO India (@PMOIndia) November 12, 2021
6-7 साल पहले तक भारत में बैंकिंग, पेंशन, इंश्योरेंस, ये सबकुछ एक exclusive club जैसा हुआ करता था।
देश का सामान्य नागरिक, गरीब परिवार, किसान, छोटे व्यापारी-कारोबारी, महिलाएं, दलित-वंचित-पिछड़े, इन सबके लिए ये सब सुविधाएं बहुत दूर थीं: PM @narendramodi— PMO India (@PMOIndia) November 12, 2021
जिन लोगों पर इन सुविधाओं को गरीब तक पहुंचाने की जिम्मेदारी थी उन्होंने भी इस पर कभी ध्यान नहीं दिया।
बल्कि बदलाव ना हो इसके लिए भांति-भांति के बहाने बनाए जाते थे।
कहा जाता था-बैंक ब्रांच नहीं है, स्टाफ नहीं है,इंटरनेट नहीं है, जागरूकता नहीं है,ना जाने क्या-क्या तर्क होते थे: PM— PMO India (@PMOIndia) November 12, 2021
UPI ने तो बहुत ही कम समय में डिजिटल ट्रांजेक्शंस के मामले में दुनिया का अग्रणी देश बना दिया है।
सिर्फ 7 सालों में भारत ने डिजिटल ट्रांजेक्शंस के मामले में 19 गुणा की छलांग लगाई है।
आज 24 घंटे, सातों दिन और 12 महीने देश में कभी भी, कहीं भी हमारा बैंकिंग सिस्टम चालू रहता है: PM— PMO India (@PMOIndia) November 12, 2021
हमें देश की, देश के नागरिकों की आवश्यकताओं को केंद्र में रखना ही होगा, निवेशकों के भरोसे को निरंतर मजबूत करते रहना होगा।
मुझे पूरा विश्वास है कि एक संवेदनशील और इन्वेस्टर फ्रेंडली डेस्टीनेशन के रूप में भारत की नई पहचान को RBI निरंतर सशक्त करता रहेगा: PM @narendramodi— PMO India (@PMOIndia) November 12, 2021
Please find below YouTube video link on What is RBI Retail Direct Scheme & Reserve Bank -Integrated Ombudsman Scheme I Launch on 12 Nov 2021
The RBI Retail Direct Scheme is aimed at enhancing access to 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.
Government announces Excise Duty reduction on Petrol and Diesel on the eve of Diwali
Excise duty on Petrol and Diesel to be reduced by Rs. 5 and Rs. 10 respectively from tomorrow
Prices of Petrol and Diesel will come down accordingly
Reduction in excise duty on diesel will be double that of petrol and will come as a boost to the farmers during the upcoming Rabi season
States urged to reduce VAT on Petrol & Diesel to give relief to consumers
Government of India has taken a significant decision of reducing Central Excise Duty on Petrol & Diesel by Rs. 5 and Rs. 10 respectively from tomorrow. Prices of petrol & diesel will thus come down accordingly.
The reduction in excise duty on diesel will be double that of petrol. The Indian farmers have, through their hard work, kept the economic growth momentum going even during the lockdown phase and the massive reduction in excise on diesel will come as a boost to the farmers during the upcoming Rabi season.
In recent months, crude oil prices have witnessed a global upsurge. Consequently, domestic prices of petrol and diesel had increased in recent weeks exerting inflationary pressure. The world has also seen shortages and increased prices of all forms of energy. The Government of India has made efforts to ensure that there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet our requirements.
Driven by the enterprising ability of India’s aspirational population, the Indian economy has witnessed a remarkable turnaround post the COVID-19 induced slowdown. All sectors of the economy – be it manufacturing, services or agriculture – are experiencing significant upward economic activity.
To give a further fillip to the economy, the Government of India has decided to significantly reduce the excise duty on diesel and petrol.
The reduction in excise duty on Petrol and Diesel will also boost consumption and keep inflation low, thus helping the poor and middle classes. Today’s decision is expected to further spur the overall economic cycle.
States are also urged to commensurately reduce VAT on Petrol and diesel to give relief to consumers.
(Ministry of Finance Press Release dated 03 Nov 2021)
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