DFS tightens grievance redress oversight

The Department of Financial Services (DFS) under the Ministry of Finance has intensified its monitoring of grievance redressal across the banking, financial servicesandinsurance(BFSI) sector, introducing a series of measures aimed atimproving accountability and customer satisfaction.

- HARSH KUMAR

The department, in a statement, said that the Secretary (Financial Services) M Nagaraju hasbeen personally reviewing 20 randomly selected public grievances every month in the presence of the chairpersons, managing directors and CEOs of the institutions concerned.

“This exercise has had a salutary impact and has helped build greater customer trust in the financial services sector,” DFS noted. The press statement further noted that so far, 15 such review meetings have been held, covering 300 grievancesto assess the quality of resolutions.

“Joint secretaries have also been conducting similar reviews, and based on the experience, heads of banks and financial institutions have been asked to replicate the exercise internally asa dipstick assessment of their grievance-handling systems.”