Revamping Grievance Redressal: A New Era for Banking and Insurance

The finance ministry has begun ranking banks and insurance firms to enhance grievance redressal. This initiative has improved service quality. The Department of Financial Services also launched an interaction program, targeting fast, transparent grievance resolutions, aiming to build trust in the financial services sector.

The finance ministry is revamping the grievance redressal system by ranking public and private banks, as well as public sector insurance companies, on grievance handling quality and timeliness.

This initiative, started in June, notably enhanced performance, stated the ministry, with a future inclusion of private insurers.

The initiative includes expedited resolution times and improved customer communication, further strengthened through the 'Financial Institutions Interaction Program' starting December 2025.

(With inputs from agencies.)