Govt urges PSBs, insurance cos to expedite resolution of public grievances after redressal assessment

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.

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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.

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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.

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"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.