Reserve Bank of India will launch a dedicated mobile application for the Retail Direct Scheme. The announcement was made by RBI Governor Shaktikanta Das on Friday. The upcoming app will help investors seamlessly make payments.
“The RBI Retail Direct Scheme was launched in November 2021. It is now proposed to launch a mobile app for accessing the Retail Direct portal. This will be of greater convenience to retail investors and deepen the G-sec market," the central bank said in its statement on Friday.
For the unversed, the Retail Direct Scheme was launched in 2021 as a comprehensive solution designed to simplify individual investors’ access to G-Sec investments. The scheme doesn’t require any intermediaries or agents.
Under this scheme, individual retail investors can easily open a Retail Direct Gilt (RDG) Account with the central bank using the dedicated online portal. This scheme offers investment options in both primary and secondary markets. In the primary issuance of government securities, investors can participate through the non-competitive scheme in government securities auctions, by following the procedural guidelines for SGB issuance. In the secondary market, investors can trade government securities on the NDS-OM platform, including the 'Odd Lot' and 'Request for Quotes' sections.
Retail investors are increasingly investing in Government Securities through the Reserve Bank of India's Retail Direct (RBI-RD) Scheme. This has led to a significant increase in the number of accounts opened and total primary market subscriptions. The app can facilitate seamless transactions as payments can be made through savings bank accounts via Internet banking or UPI.
Meanwhile, the Department of Telecommunications of the Central Government has recently issued an important advisory concerning the general public. This advisory relates to spoof calls that are being made in the name of the DoT. These callers use threatening language and create panic amongst citizens by falsely claiming that their mobile numbers will be disconnected or are being used for illegal activities. The real motive behind these calls is to obtain personal information to commit cybercrime and financial fraud. In light of this, the department has strongly recommended that citizens remain vigilant and not share any personal information with these fraudulent callers.
ALSO READ: RBI MPC maintains repo rate at 6.5 per cent for the 7th consecutive time
