The Reserve Bank of India (RBI) on Tuesday introduced three new facilities for investors. Retail Direct Mobile App has been introduced to facilitate seamless and convenient access to the retail direct platform for retail investors and ease of transacting in government securities (G-Secs).
With the launch of the retail direct mobile app, retail investors can now transact in G-Secs using the mobile app on their smartphones. Investors using Google Android can download the app from the Play Store and those using iPhone iOS can download it from App Store. The mobile app can also be downloaded using a QR code, the RBI said in its circular.
What is Retail Direct mobile app?
The RBI launched the retail direct portal to facilitate retail investors to open their Retail Direct Gilt accounts with the RBI under the Retail Direct Scheme. The scheme allows retail investors to buy G-Secs in the primary auctions as well as buy and sell G-Secs in the secondary market.
As per the RBI’s circular, Retail Direct mobile app will provide retail investors with a seamless and convenient way to transact in government securities (G-Secs) on their smartphones. The app simplifies the process of buying and selling G-Secs in both the primary and secondary markets.
G-secs available for investment on Retail Direct platform
> Sovereign Gold Bonds (SGBs)
> Government of India Treasury Bills (T-Bills)
> Government of India dated securities (dated G-Sec)
> State Development Loans (SDLs)
How to use the RBI Retail Direct mobile app
1. Visit the Google Play Store for Android users or the Apple app store for iOS users to download the RBI Retail Direct mobile app.
2. The first step is to create an account. For this, investors need to provide details — full name, PAN, mobile number, email address, and residential address to open a Retail Direct Gilt (RDG) account with the RBI.
3. Once done. Investors can log into the app and select the ‘primary market’ option beside the dashboard to start transacting in government securities (G-Secs).
4. Investors can choose a security to bid on from the ‘auction watch’ and enter the bid amount in the ‘bid entry’ window.
5. Investors can fund their bids either at the time of bidding or before the closure of the bidding/subscription window using services like UPI and Net Banking.
6. Based on auction results, individual investors will receive allotments either in full or partial based on the bidding process.