RBI launched mobile app for Retail Direct Scheme

RBI launched mobile app for Retail Direct Scheme

The Reserve Bank of India (RBI) Governor, Shaktikanta Das, recently announced the launch of a dedicated mobile application for the Retail Direct Scheme.

This app will allow investors to easily make payments and invest in Government Securities without any intermediaries or agents. The Retail Direct Scheme was launched in 2021, and it aims to provide a simplified solution for individual investors to access G-Sec investments. The RBI statement on Friday stated that the app will make it convenient for retail investors to access the Retail Direct portal and deepen the G-sec market.

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With the Retail Direct Gilt (RDG) Account, retail investors can invest in both primary and secondary markets. For the primary issuance of government securities, investors can join through the non-competitive scheme in government securities auctions, following the procedural guidelines for SGB issuance.

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The new app will help in seamless transactions, as payments can be made through savings bank accounts via Internet banking or UPI. The number of accounts opened under this scheme through the RBI-RD portal has jumped 62% year-on-year, reaching 1,09,212 as of January 1, 2024, compared to 67,591 as of January 2, 2023, as per RBI data.

Total primary market subscriptions by individual investors in Government Securities (G-Secs) have risen 178% to Rs 3,548.25 crore as of January 1, 2024, compared to Rs 1,275.49 crore as of January 2, 2023.

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