PM Modi Launched Two Rbi Schemes|Srinagar Joined UNESCO CCN |Current Topic

PM Modi Launched Two Rbi Schemes

PM Narendra Modi has launched two schemes of the Reserve Bank of India (RBI) of RBI on November 12, 2021. Both schemes help in expanding the scope of investment in India while making access to capital markets easier and more secure.

Integrated Ombudsman Scheme, 2021

The new scheme integrates the existing three Ombudsman schemes of RBI namely, the Banking Ombudsman Scheme 2006, the Ombudsman Scheme for Non-Banking Financial Companies 2018 and the Ombudsman Scheme for Digital Transactions 2019.
This will help in improving the grievance redress mechanism for resolving customer complaints against RBI’s regulated entities.
The scheme is based on “One Nation-One Ombudsman” with one portal, one email, and one address for the customers to lodge their complaints.
It includes non-scheduled primary co-operative banks with a deposit size of 50 crore and above.
The Executive Director-in charge of Consumer Education and Protection
Department of RBI would be the Appellate Authority under the Scheme.

RBI-Retail Direct Scheme

Under this scheme, the retail investors (general public/individuals) can buy/sell government securities in both primary and secondary markets.

The Scheme aims to provide a safe, simple, direct and secured platform to investors for trade of Government securities.

With the launch of RBI-RD Scheme, retail investors can also trade in government security directly, using the online portal
developed by the Reserve Bank of India.

To trade in Government Securities (G-Sec) the retail investors will have to open a Retail Direct Gilt (RDG) Account with RBI after which they can make investments in the Government security market.

Government Security:

A G-Sec is a tradable instrument issued by the Central Government or the State Governments. It acknowledges the Government’s debt obligation. Such securities are short term or long term.


Srinagar Joined UNESCO CCN ON November 8, 2021

The capital city of Jammu and Kashmir, Srinagar, has been designated as a part of United Nations Educational, Scientific and
Cultural Organization – Creative Cities Network (UCCN) by UNESCO on November 8, 2021.
The Srinagar city has been designated the creative city in the field of Crafts and Folk Arts – only second city in India in this category after Jaipur.
It is the only sixth Indian city to achieve this distinction after Mumbai, Chennai, Hyderabad, Varanasi and Jaipur.


With the inclusion of 49 new cities this year, total numbers of cities in this network stands at 295 from across 90 countries. These cities were included in the list in recognition of their commitment of placing culture & creativity at the heart of their development as well as for sharing
knowledge & good practices.


1. Chennai and Varanasi (Music)
2. Jaipur UNESCO (Crafts and Folk
3. Mumbai (Film).
4. Hyderabad (Gastronomy)


The UNESCO Creative Cities Network (UCCN) is a project launched by UNESCO in 2004 to “promote cooperation among cities which recognized creativity as a strategic factor in their urban development“.
It aims at placing creativity and cultural industries at the heart of their development plans at the local level and cooperating actively at the international level. UNESCO designates the creative cities in seven fields – Craft, Folk Art, Media Arts,
Film Design, Gastronomy, Literature
and Music.

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