Reserve Bank of India Governor Shaktikanta Das on Friday announced that it would launch of a dedicated mobile application for Retail Direct Scheme so that investors can make payments in a seamless way. Retail Direct scheme is a one-stop solution to facilitate investment in Government Securities by Individual Investors. It doesn’t require any intermediaries or agents. Launched in 2021, this scheme serves as a comprehensive solution designed to simplify individual investors’ access to G-Sec investments.
“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.
More and more retail investors are investing in Government Securities via the Reserve Bank of India’s Retail Direct (RBI-RD) Scheme. The number of accounts opened and total primary market subscriptions have gone up significantly.
The number of accounts opened under this scheme via the RBI-RD portal (https://rbiretaildirect.org.in) jumped 62 per cent year-on-year (YoY) to 1,09,212 as on January 1, 2024, against 67,591 as on January 2, 2023, per RBI data.
Total primary market subscriptions by individual investors in Government Securities (G-Secs) rose 178 per cent to Rs 3,548.25 crore as on January 1, 2024, against Rs 1,275.49 crore as on January 2, 2023.