Business News | DFS Strengthens Grievance Redressal Framework to Enhance Customer Trust Across Banks, Insurers
Get latest articles and stories on Business at LatestLY. The Department of Financial Services (DFS) is strengthening its grievance redressal mechanism to improve customer trust and service delivery across banks and insurance companies according to the Ministry of Finance.
New Delhi [India], July 9 (ANI): The Department of Financial Services (DFS) is strengthening its grievance redressal mechanism to improve customer trust and service delivery across banks and insurance companies, according to the Ministry of Finance.
The Insurance Division of DFS secured second position in the Group A category of the Grievance Redressal Assessment and Index (GRAI) for May 2026. The Banking Division ranked sixth in the same category.
Also Read | Jaipur: Daughter Hires Contract Killers To Eliminate Mother for Government Job and Property; 7 Arrested.
The ministry said the department receives more than 2.5 lakh grievances every year and has consistently featured among the top 10 ministries and departments in the GRAI rankings since November 2025.
The ministry said the government's focus on improving grievance resolution is aimed at making governance more transparent, accountable and citizen-centric. For consumers, stronger grievance redressal systems are expected to improve the quality of complaint handling and build greater confidence in financial institutions.
Also Read | France vs Morocco: Predicted FIFA World Cup 2026 Lineups.
According to the ministry, since January 7, 2024, the Secretary of the Department of Financial Services has been personally reviewing 20 randomly selected grievances, with complainants participating directly alongside chairpersons, managing directors, chief executive officers and senior management of the concerned financial institutions.
"This initiative aims to improve customer trust and ensure meaningful resolution of grievances," the Ministry said.
The Department of Financial Services has also organised workshops on an "Effective Grievance Redressal Framework" with the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA) and all public sector banks.
According to the ministry, these workshops focused on identifying the root causes of complaints and improving the quality of grievance resolution. They also encouraged financial institutions to address customer concerns with professionalism, transparency and empathy, with the objective of strengthening public trust and improving service delivery.
The ministry said the government's continued focus on grievance redressal is expected to further strengthen accountability across the financial sector while ensuring that customer complaints are resolved in a more effective and transparent manner. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)