Govt urges PSBs, insurance cos to expedite resolution of public grievances after redressal assessment
- PSBs, public sector insurance companies, complainants, and banking/insurance regulators participated in a meeting conducted by the finance secretary to assess the grievance redressal mechanism.
Nirmala Sitharaman-led Finance Ministry on Wednesday, January 1, 2025, urged India's public sector banks (PSBs) and insurance companies to expedite the resolution of public grievances. Financial Services Secretary M Nagaraju chaired a meeting today in which complainants, PSBs, public sector insurance companies (PSICs), and banking/insurance regulators participated.
The finance ministry said on Wednesday that the official meeting by the Finance Secretary with the key stakeholders aimed to assess the quality of the grievance redressal by reviewing 20 randomly selected public grievances resolved by PSBs and insurance companies to analyse the resolution quality.
FinMin urges PSBs, insurers to expedite resolution of public grievances
At the outset, the Secretary reiterated the Prime Minister’s direction given in the Pragati meeting held on December 26, 2024, that all Senior officers at the level of Chairman/ MD/ ED of PSBs/PSICs should review at least 20 cases every month to monitor the quality of resolution of the resolved grievances.
During the review meeting, he observed that most customers raised complaints due to genuine grievances against an organisation. He stressed that customer satisfaction is the heart of the grievance redressal mechanism.
Also Read: Indian banks’ profitability improves for six straight years, NPAs decline to 13-year low: RBI report
He said any laxity or negligence in grievance redressal is against the ethos of customer service and diminishes the organisation's reputation and brand value. He urged that public grievances be addressed sincerely and positively in a timely manner. Nagaraju also underlined the need for technical and IT solutions to minimise repetitive complaints and increase efficiency.
Meanwhile, Finance Minister Nirmala Sitharaman, while replying to a discussion in Parliament, said that the lower-than-expected gross domestic product (GDP) growth of 5.4 per cent in the second quarter was a "temporary blip" and the economy will see healthy growth in the coming quarters.
Also Read: Bank fraud cases rise 27% YoY in 2024; scams worth ₹21,367 crore logged in H1FY25: RBI data
"Despite this recent deceleration, structural growth drivers remain intact. Real GDP growth is expected to recover in Q3 and Q4 of 2024-25, supported by a pick-up in domestic drivers, mainly public consumption and investment, strong service exports and easy financial conditions, said the central bank in its recent report.
Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Business NewsIndustryBankingGovt urges PSBs, insurance cos to expedite resolution of public grievances after redressal assessment
First Published:1 Jan 2025, 07:34 PM IST
- Top Gainers
- Top Losers
- 52 Week High