Government BFSI: strengthens the sector’s grievance redressal procedure
Government BFSI: According to the government, the Department of Financial Services (DFS) has been implementing a number of significant steps to expedite the grievance redressal procedure in the banking, financial services, and insurance (BFSI) sector.
The Finance Ministry reports that each month, the Secretary (FS) personally reviews 20 grievances chosen at random, giving citizens a chance to voice their concerns about the BFSI sector in front of the chairman, MD, and senior management of the relevant organizations.
To guarantee the caliber of the decision, 300 complaints have been examined and 15 such sessions have been conducted so far.
The department’s joint secretaries also have similar meetings.
Additionally, the CEO and chairman/MD of financial institutions are carrying out comparable tasks for their companies at their level. The ministry said that the goal is to evaluate the effectiveness of grievance resolution at the highest level of the department using a “dip-stick survey.”
For the year 2025, the first round of workshops on an efficient grievance redressal system with all public sector banks under the Centralised Public Grievance Redress and Monitoring System (CPGRAM) has been successfully concluded.
All public sector banks were instructed to develop a system to gather customer service feedback using technology in order to guarantee that branch employees provide the best possible service to clients and guests.
According to the ministry, “the department started ranking 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 in order to improve the grievance redressal framework.”
There are plans to rank insurers in the private sector as well.
Through greater emphasis on quicker turnaround time (TAT) by banks and insurance firms, open communication between the client and the relevant organizations, and an increase in customer service training inside the organizations, this has enhanced the grievance redressal system.