Archive · 13 Dec 2025
Finance Ministry Ranks Banks, Insurers on Grievance Redressal
The finance ministry in India has started a new system to rank banks and insurance companies based on how well they handle customer complaints.
This started in June 2025 and has already made things better.
They are also having special meetings to talk about complaints with the companies.
The goal is to make sure customers get faster and better help when they have problems.
They have even started a program where the top people in these companies also check how well complaints are being solved.
So far, they have looked at 300 complaints in 15 meetings.
The idea is to make people trust banks and insurance companies more.
Finance Ministry initiated ranking of banks and insurers based on grievance redressal quality and timeliness.
Program started in June 2025 has improved performance of these entities.
Department of Financial Services (DFS) launched 'Financial Institutions Interaction Program' in December 2025.
Program focuses on faster turnaround time, transparent communication, and increased customer service training.
DFS Secretary reviews 20 random grievances monthly, with 300 grievances analyzed to date.
- Who
- Finance Ministry, Department of Financial Services (DFS), Public & Private Sector Banks, Public Sector Insurance Companies
- What
- Initiation of ranking system for grievance redressal, Financial Institutions Interaction Program
- When
- Initiative started in June 2025, Program started in December 2025
- Where
- India
- Why
- To improve grievance redressal framework, increase customer trust, and enhance service quality
- Initiative Start Date
- June 2025
- Entities Ranked
- Public & Private Sector Banks, Public Sector Insurance Companies
- Criteria
- Quality & Timely Redressal of Grievances
- Program Name
- Financial Institutions Interaction Program
- Program Start Date
- December 2025
- First Entities Selected
- Non-Banking Financial Companies (NBFCs)
- Meetings Held
- 15
- Grievances Analyzed
- 300