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

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