Finance Ministry urged PSU Banks to resolve Customer Complaints Quickly
The Finance Ministry has urged public sector banks (PSBs) and insurance companies to speed up the resolution of public grievances. This call was made during a meeting chaired by Financial Services Secretary M. Nagaraju on Wednesday. The meeting included complainants, representatives from PSBs, public sector insurance companies (PSICs), and regulators.
Review of Grievance Redressal
The meeting aimed to evaluate the quality of grievance resolution by reviewing 20 randomly selected complaints that had been resolved by banks and insurance companies. The goal was to ensure these grievances were handled effectively and fairly, the ministry said in a statement.
Prime Minister’s Directives Highlighted
Secretary Nagaraju emphasized the instructions given by Prime Minister Narendra Modi during the Pragati meeting on December 26. He reiterated that senior officials, including Chairpersons, Managing Directors, and Executive Directors of PSBs and PSICs, must personally review at least 20 resolved complaints every month. This review is meant to ensure high standards of grievance redressal.
Focus on Customer Satisfaction
During the discussion, Nagaraju noted that most complaints were raised due to genuine issues. He stressed that customer satisfaction must remain the core focus of the grievance redressal mechanism. Addressing complaints promptly and sincerely, he said, is critical to maintaining the reputation and trustworthiness of banks and insurance companies.
Warning Against Negligence
The Secretary warned against negligence in handling complaints, stating that such lapses harm the brand value of organizations and go against the principles of good customer service. He directed all institutions to address public grievances positively and within a defined time frame.
Call for IT and Technical Solutions
Nagaraju also emphasized the need for innovative technical and IT solutions to prevent repetitive complaints. By automating and improving processes, banks and insurance companies can resolve issues more efficiently and reduce the time required for resolution.
Conclusion
The meeting reinforced the importance of maintaining high standards in grievance resolution and urged institutions to adopt proactive measures to improve customer satisfaction. The Finance Ministry’s message is clear: addressing public complaints promptly and effectively is key to enhancing trust in the financial and insurance sectors.
