DFS Enhances Grievance Redressal Process in BFSI Sector
The Department of Financial Services (DFS) under the Ministry of Finance has implemented various initiatives to enhance the grievance redressal mechanism within the Banking, Financial Services, and Insurance (BFSI) sectors. Key measures include monthly reviews by the Secretary of Financial Services, performance evaluations of grievances, and workshops through the Centralised Public Grievance Redress and Monitoring System (CPGRAM) with public sector stakeholders. These efforts aim to address root causes of complaints and improve service standards. Additionally, DFS has started ranking banks and insurers on grievance handling, and engaged NBFCs to further refine the resolution process, fostering trust and efficiency in customer service.
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