Govt boosts grievance redressal mechanism in BFSI sector

New Delhi, Dec 13 In order to streamline the process of grievance redressal mechanism in the banking, financial services and insurance (BFSI) sector, the Department of Financial Services (DFS) has been undertaking several key initiatives, according to the government.

According to Finance Ministry, Secretary (FS) has been personally reviewing 20 grievances selected on random basis every month, wherein, the citizens are given an opportunity to raise their concerns against BFSI sector in the presence of Chairman/MD and CEOs/Senior managements of the organisations concerned.

Till date, 15 such meetings have been held and 300 grievances have been analysed to ensure the quality of the resolution.

Similar meetings are also held by Joint Secretaries of the department.

“Moreover, Chairman/MD and CEO of financial institutions are also conducting similar exercise at their level for their organisations. The objective is to assess the efficacy of grievance resolution through a ‘dip-stick survey’ at the top most level in the Department,” said the ministry.

First round of Centralised Public Grievance Redress and Monitoring System (CPGRAM) workshops on effective grievance redressal mechanism with all the public sector banks have been successfully completed for the year 2025.

To ensure that branch staff of Public Sector Banks provide the highest levels of service to the customers and visitors, all the banks were advised to devise a mechanism to collect feedback on customer services through the help of technology.

“In order to improve the grievance redressal framework, the department initiated the ranking of Public Sector Banks, Private Sector Banks and Public Sector Insurance Companies, based on quality and timely redressal of grievances from the month of June 2025 which significantly improved their performance,” according to the ministry.

Ranking of private sector insurers are also in the pipeline.

This has strengthened the grievance redressal mechanism by increased focus on faster turnaround time (TAT) by banks and insurance companies, transparent communication between customer and the respective organisations and increase in customer service training in the organisations.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor