Reserve Bank of India Offers Mobile App to Make Government Securities More Accessible For Retail Investors
Reserve Bank of India
Through an online site, investors who wish to participate in this plan can open a Retail Direct Gilt (RDG) Account directly with the RBI.
Governor of the Reserve Bank of India (RBI), Shaktikanta Das, revealed that a mobile application created especially for the Retail Direct Scheme will soon be released. This program guarantees a smooth transaction experience and aims to increase the accessibility of government assets for ordinary investors.
The Retail Direct Scheme is a cutting-edge platform that was introduced back in November 2021 that allows private investors to buy government securities directly from the government without the need for middlemen. The program is a crucial step in demystifying government bond investing, which is generally regarded as a challenging sector of the financial market.
Convenient For Retail Investors
It is hoped that the forthcoming mobile application would streamline the investment process even further by giving smartphone users immediate access to the Retail immediate platform. It is anticipated that this action will facilitate transactions for individual investors and support the growth of the government securities (G-Sec) market.
Reserve Bank of India: Through an online site, investors who wish to participate in this plan can open a Retail Direct Gilt (RDG) Account directly with the RBI. The plan provides a large range of primary and secondary market investment choices. Individuals can participate in non-competitive government security auctions in primary issuances, which follow the same procedural guidelines as SGB issuance. These securities can be traded on the secondary market via the NDS-OM platform, which also includes sections for smaller trades and quote inquiries.
Transactions Directly From Savings Accounts
By allowing transactions to be done straight from investors’ savings accounts and utilizing Internet banking or UPI for payment, the program is designed to further streamline the investment process.
HDFC BANK INCREASES BY 3% DUE TO STRONG GROSS DEPOSITS AND ADVANCES
Reserve Bank of India: Individual investors have responded favorably to the Reserve Bank of India initiative, as seen by the notable increase in the Retail Direct Scheme’s adoption rates. Recent data from the RBI shows that the number of accounts opened through the RBI-RD portal increased from 67,591 on January 2, 2023, to 1,09,212 on January 1, 2024, a year-over-year increase of 62%. In addition, the aggregate amount of primary market subscriptions made by private investors in government securities increased by an astounding 178%, from Rs 1,275.49 crore on January 2, 2023 to Rs 3,548.25 crore on January 1, 2024.
