M. Nagaraju, Secretary, Department of Financial Services (DFS), said PSBs should align their digital and cybersecurity frameworks with industry best practices and ensure customer protection and operational continuity as top priorities
FinTech BizNews Service
Mumbai, 1 January, 2025: Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), chaired a meeting today and reviewed 20 randomly-selected public grievances resolved by Public Sector Banks (PSBs) and insurance companies to assess resolution quality. The meeting was also attended by complainants, PSBs, insurance companies and regulators.
At the outset, DFS Secretary reiterated the Prime Minister’s direction given in Pragati meeting held on 26th December 2024 that all the Senior officers at the level of Chairman/ MD/ ED of PSBs/PSICs should review atleast 20 cases to monitor quality of resolution of the resolved grievances every month.
During the review meeting, the DFS Secretary observed that the majority of customers raised complaints due to genuine grievance against an organisation, and stressed that customer satisfaction is at the heart of the grievance redressal mechanism.
Shri Nagaraju also stressed that any laxity/ negligence in grievance redressal is against the ethos of customer service and diminishes the reputation/ brand value of the organisation and directed that the public grievances be addressed sincerely and positively in a time-bound manner.
PSBs should align their digital and cybersecurity frameworks with industry best practices and ensure customer protection and operational continuity as top priorities, said the DFS Secretary. PSBs are instructed to focus on accelerating pace of lending to agriculture & MSMEs.
DFS Secretary also stressed upon devising suitable technical/IT solutions to minimise the repetitive complaints of a similar nature which would save time of resolution and increase the efficiency of resolution process.
