Ranking system has improved redressal, says finance ministry

NEW DELHI: Finance ministry’s initiative to improve grievance redressal, which began in June this year has significantly improved performance of public and private sector entities, the ministry said on Friday.It had put in place a ranking system for banks and public sector insurance companies based on quality and timely resolution of complaints. Ranking of private sector insurers is also in the pipeline.The ranking system 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 organisations, and an increase in customer service training in the organisations, the ministry said.Furthermore, the department of financial services (DFS) also initiated the ‘Financial Institutions Interaction Program’ this month, wherein meetings are held with selected organisations based on grievances received on the CPGRAM Portal.DFS secretary has been personally reviewing twenty grievances selected on a random basis. Agencies