RBI streamlines process for redressal of complaints related to Sovereign Gold Bond

RBI streamlines process for redressal of complaints related to Sovereign Gold Bond

Mumbai: The Reserve Bank on Thursday said it has streamlined the process for redressal of investors complaints related to Sovereign Gold Bond to make it more effective. The sovereign gold bond scheme was launched in November 2015 to reduce the demand for physical gold and shift a part of the domestic savings — used for the purchase of gold — into financial savings.

To streamline the customer complaint handling process and make it more effective, the RBI said the nodal officer of the Receiving Office (RO) will be the first point of contact for attending to the queries/ complaints of their customers.

Receiving Offices refer to banks, Stock Holding Corporation of India Limited (SCHIL), designated Post Offices, and recognised stock exchanges (NSE and BSE).

In case the issue is unresolved, an escalation matrix at the ROs will be used to resolve customer grievance, the Reserve Bank said.

“The investor may approach Reserve Bank of India at sgb@rbi.org.in if no reply is received from the RO within a period of one month of lodging the complaint or the investor is not satisfied with the response of the RO,” the central bank said.

The price of the bond is fixed in Indian Rupees based on a simple average closing price of gold of 999 purity, published by the India Bullion and Jewellers Association Limited for the last 3 working days of the week preceding the subscription period.

Sovereign Gold Bond is denominated in multiples of gram (s) of gold with a basic unit of 1 gram. The tenor of the bond will be for eight years with an exit option after the 5th year to be exercised on the next interest payment dates.

The minimum permissible investment is 01 gram of gold. The maximum limit of subscription is 4 KG for individuals, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal (April-March).

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