**Executive Summary**
The Department of Financial Services (DFS), Ministry of Finance, is streamlining grievance redressal mechanisms in the BFSI sector. This includes reviewing grievances, conducting workshops, and using digital feedback to improve customer service. Key dates include past workshops with PFRDA (04.08.2025) and RBI (13.10.2025), and a scheduled workshop with IRDAI (19.12.2025) in Hyderabad.
**Key Points / Main Content**
* **Grievance Review and Analysis:**
* Secretary (FS) reviews 20 randomly selected grievances monthly, allowing citizens to raise concerns with BFSI organizations' senior management.
* 15 review meetings have been held, with 300 grievances analyzed to improve resolution quality.
* Chairman/MD&CEOs of financial institutions are conducting similar exercises within their organizations to assess grievance resolution efficacy.
* **CPGRAMS Workshops:**
* Workshops with PSBs, PFRDA, and RBI were completed for the year 2025, focusing on qualitative resolution and addressing root causes.
* A workshop with IRDAI and Grievance Redressal Officers of Insurance Companies is scheduled for 19.12.2025 in Hyderabad.
* **Customer Service Initiatives:**
* Banks were advised to use technology (voice chat, email, QR codes, etc.) to collect customer feedback.
* DFS initiated ranking of Public Sector Banks, Private Sector Banks, and Public Sector Insurance Companies based on timely grievance redressal quality starting in June 2025. Ranking of Private Sector Insurers is in development.
* **Financial Institutions Interaction Program:**
* DFS initiated a ‘Financial Institutions Interaction Program’ from December 2025, which involves meetings with selected organizations based on grievances received in the CPGRAM portal, starting with NBFCs.
**Impact Analysis**
**Citizens (BFSI Customers)**
* **Impact:** Direct access to raise concerns and improved grievance resolution mechanisms.
* **Action Required:** Utilize available channels to provide feedback on BFSI services.
**Public Sector Banks, Private Sector Banks, and Public Sector Insurance Companies**
* **Impact:** Increased focus on TAT, need to improve grievance redressal processes, be transparent in communication, provide customer service training, and participate in ranking exercises.
* **Action Required:** Improve grievance redressal quality and timeliness, collect customer feedback, and actively participate in the ranking system.
**PFRDA, RBI, IRDAI, and Grievance Redressal Officers**
* **Impact:** Participation in workshops to improve grievance redressal mechanisms.
* **Action Required:** Attend and actively contribute to the workshops to improve grievance redressal mechanisms.
**NBFCs**
* **Impact:** Selected organizations will be participating in meetings under the ‘Financial Institutions Interaction Program’ based on grievances received in the CPGRAM portal.
* **Action Required:** Prepare and attend meetings under the Financial Institutions Interaction Program to address customer grievances.
Key Entities Referenced
Department of Financial Services (DFS): The primary department undertaking initiatives to streamline grievance redressal in the BFSI sector.
CPGRAMS: Centralised Public Grievance Redress and Monitoring System, used for workshops and addressing grievances.
BFSI: Banks, Financial Services and Insurance Sector, the primary subject of the grievance redressal mechanism.
PFRDA: Pensions Fund Regulatory and Development Authority, a regulator involved in the CPGRAMS workshops.
RBI: Reserve Bank of India, a regulator involved in the CPGRAMS workshops.
Ministry of Finance
DFS streamlines and strengthens grievance
redressal mechanism in banks, financial services
and insurance (BFSI) sectors
Citizens to directly raise concerns against BFSI sectors
thereby building greater customer trust in the financial sector
15 review meetings held; 300 grievances analysed to ensure
high-quality resolution
CPGRAMS workshops with PSBs, PFRDA and RBI enables
qualitative resolution with addressal of root cause
DFS boosts customer service by using digital feedback,
performance rankings and NBFC outreach initiative
प्रव तथ: 12 DEC 2025 5:31PM by PIB Delhi
The Department of Financial Services (DFS), Ministry of Finance has been undertaking several key
initiatives aimed at streamlining the process of grievance redressal mechanism in Banking, Financial
Services and Insurance (BFSI) Sector.
Secretary (FS) has been personally reviewing twenty (20) grievances selected on random basis every
month, wherein, the citizens are given an opportunity to raise their concerns against BFSI sector in the
presence of Chairman/ MD & CEOs/Senior managements of the organisations concerned. Such an
exercise had a salutary impact and helped in building greater customer trust in the financial services
sector.
Till date, fifteen (15) such meetings have been held and three hundred (300) grievances have been
analysed to ensure the quality of the resolution. Similar meetings are also held by Joint Secretaries of the
department. Drawing from the experience, Chairman/MD&CEO of financial institutions are also
conducting similar exercise at their level for their organizations. Objective is to assess the efficacy of
grievance resolution through a ‘dip-stick survey’ at the top most level in the Department.
First round of Centralised Public Grievance Redress and Monitoring System (CPGRAM) workshops on
effective grievance redressal mechanism with all the Public Sector Banks were successfully completed for
the year 2025. Workshop with Regulators i.e. PFRDA was held on 04.08.2025 and RBI on 13.10.2025
which were attended by Grievance Redressal Officers, Senior Management and Ombudsmen across theCountry. Such an exercise helped the Organizations to effectively tackle root cause of grievances thereby
reducing & ensuring its qualitative resolution. Workshop with IRDAI and Grievance Redressal Officers of
Insurance Companies are scheduled on 19.12.2025 at Hyderabad.
To ensure that branch staff of Public Sector Banks provide the highest levels of service to the customers
and visitors, all the banks were advised to devise a mechanism to collect feedback on customer services
through the help of technology (Voice chat, email, QR code etc.).
In order to improve the grievance redressal framework, the department initiated the ranking of Public
Sector Banks, Private Sector Banks and Public Sector Insurance Companies, based on quality and timely
redressal of grievances from the month of June 2025 which significantly improved their performance.
Ranking of Private Sector Insurers are also in the pipeline. This has strengthened the grievance redressal
mechanism by increased focus on faster turnaround time (TAT) by banks and insurance companies,
transparent communication between customer and the respective organizations and increase in customer
service training in the Organizations.
Furthermore, the department has also initiated ‘Financial Institutions Interaction Program’ from the month
of December 2025, wherein meetings are held with selected organisations based on grievances received in
CPGRAM Portal. As a first step, Non-Banking Financial Companies (NBFCs) are selected for this
exercise. DFS remains committed to further improving the grievance redressal framework in the financial
services sector.
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NB/PK
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