New Delhi, Dec 13 (LatestNewsX) — The Department of Financial Services (DFS) has rolled out a series of steps to streamline how complaints are handled in the banking, financial‑services and insurance (BFSI) sector.
Finance Ministry officials say that the Secretary personally looks over 20 complaints chosen at random every month, allowing citizens to raise their concerns before the chairman or managing director and the senior executives of the relevant firms. To date, 15 of these meetings have taken place and 300 grievances have been reviewed to confirm that resolutions are satisfactory. Joint secretaries conduct similar gatherings as well.
“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.
The first round of the Centralised Public Grievance Redress and Monitoring System (CPGRAM) workshops, aimed at improving complaint handling across all public‑sector banks, wrapped up successfully for 2025. Banks were advised to set up tech‑enabled tools to collect customer feedback at each branch.
“To strengthen the grievance‑redress framework, the department began ranking public‑sector banks, private‑sector banks and public‑sector insurers based on the quality and timeliness of complaint handling from June 2025 onward—which has noticeably boosted their performance,” the ministry added. A ranking of private‑sector insurers is also planned.
These measures have intensified focus on quicker turnaround times, clearer communication between customers and their institutions, and enhanced customer‑service training across banks and insurers.
—LatestNewsX
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