Private Insurers' Grievance Redressal Rankings Coming Soon: Finance Ministry

(MENAFN- KNN India) New Delhi, Dec 13 (KNN) Ranking of private sector insurers on the basis of their performance in timely handling of grievances is in the pipeline following similar exercise for state-owned banks and insurance companies, and private banks.

Ministry of Finance in a press release said that the ranking of public sector banks, private sector banks and public sector insurance companies in June 2025 based on quality and timely redressal of grievances has significantly improved their performance

"Ranking of private sector insurers are also in the pipeline," the Finance Ministry said.

As per the official release, the Department of Financial Services (DFS) under 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.

The DFS has also initiated 'Financial Institutions Interaction Program' from this month wherein meetings are held with selected organisations based on grievances received in Centralised Public Grievance Redress and Monitoring System (CPGRM) portal.

As a first step, Non-Banking Financial Companies (NBFCs) have been selected for this exercise.

First round of CPGRAM workshops on effective grievance redressal mechanism with all the state-run banks has been completed for the year 2025.

The DFS said that the workshops helped the organizations to effectively tackle root cause of grievances thereby ensuring qualitative resolution of various issues.

A workshop with insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) and grievance redressal officers of insurance companies are scheduled to be held on December 19, 2025.

To DFS noted that in order to ensure that branch staff of public sector banks provide the highest levels of service to the customers and visitors, all the banks have been advised to devise a mechanism to collect feedback on customer services through the help of technology (Voice chat, email, QR code etc.).

(KNN Bureau)

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