The​‍​‌‍​‍‌​‍​‌‍​‍‌ Finance Ministry declared that its program to fortify the grievance redressal system in the entire financial sector has brought a significant change in the way public and private sector units have performed.

The program started in June this year aims at creating more accountability, transparency, and efficiency in the resolution of customer complaints.

In consequence of the reforms, the ministry has set up a detailed scoring system for banks and public sector insurance companies to measure them in terms of the quality and promptness of complaint resolution.

The ranking system has motivated these institutions to make the turnaround time (TAT) shorter, offer more communication with the customer, and provide customer service training getting more engrossed. The ministry states that these activities have not only collectively deepened the grievance redressal ecosystem but also have contributed to the raising of service standards across organizations.

The Finance Ministry also stated that the private sector insurance companies' ranking system is at present in the pipeline and will be carried out in the succeeding phase, thereby, expanding the volume of performance-based accountability in the sector further.

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The Department of Financial Services (DFS) has also initiated the 'Financial Institutions Interaction Program' this month. Through the program, DFS officials holding meetings with selected banks and insurance companies on the basis of the nature and number of grievances received through the CPGRAM (Centralised Public Grievance Redress and Monitoring) Portal.

These communications are intended to recognize the system issues, take steps to correction, and lead to the customer's service delivery of long-term evolution.

The ministry added that the DFS Secretary has also been personally involved in the random checking of twenty grievances to evaluate the quality of their resolution and ensure that the concerns of consumers are accurately addressed.