Do Indian Financial Firms Have a Robust Grievance Redress Framework in Place?

NIPFP Working Paper Series 2021

28 Pages Posted: 9 Feb 2022

See all articles by Vimal Balasubramaniam

Vimal Balasubramaniam

Queen Mary University of London; Centre for Economic Policy Research (CEPR)

Renuka Sane

Trustbridge Rule of Law Foundation; National Institute of Public Finance and Policy

Mithila A. Sarah

National Institute of Public Finance and Policy

Karthik Suresh

XKDR Forum; Erasmus University Rotterdam (EUR) - European Master in Law and Economics (candidate)

Date Written: December 7, 2021

Abstract

A rapid expansion in the Indian financial sector has necessitated a growing focus on im- proving customer service which also includes the delivery of a robust Grievance Redressal Mechanism (GRM). A GRM is a formal system through which complaints are resolved in a time-bound manner, thus improving public service delivery in the financial system. This paper assesses the GRM policy content that is available on the website of 21 financial service providers in India. The firms include the top three firms by market share in each sector - banking, insurance, pensions, payments, mutual funds, and brokerages. Financial firms differ in their performance across different metrics, highlighting areas for improvement with grievance redress processes with financial services providers (FSP).

Keywords: Grievance Redress Mechanism, Complaints System, Indian Financial Firms

Suggested Citation

Balasubramaniam, Vimal and Sane, Renuka and Sarah, Mithila Abraham and Suresh, Karthik, Do Indian Financial Firms Have a Robust Grievance Redress Framework in Place? (December 7, 2021). NIPFP Working Paper Series 2021, Available at SSRN: https://ssrn.com/abstract=3979606 or http://dx.doi.org/10.2139/ssrn.3979606

Vimal Balasubramaniam

Queen Mary University of London ( email )

Mile End Road
London, London E1 4NS
United Kingdom

Centre for Economic Policy Research (CEPR) ( email )

London
United Kingdom

Renuka Sane

Trustbridge Rule of Law Foundation ( email )

New Delhi
India

National Institute of Public Finance and Policy ( email )

18/2, Satsang Vihar Marg
New Delhi, 110067
India

Mithila Abraham Sarah (Contact Author)

National Institute of Public Finance and Policy ( email )

18/2, Satsang Vihar Marg
New Delhi, 110067
India

Karthik Suresh

XKDR Forum

38, Patrakar CHS, Gandhi Nagar road no 5
Bandra East
Mumbai, IN India 400 051
India

Erasmus University Rotterdam (EUR) - European Master in Law and Economics (candidate) ( email )

Burgemeester Oudlaan 50
PO Box 1738
Rotterdam
Netherlands

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