Do Indian financial firms have a robust Grievance Redress Framework in place?

Vimal Balasubramaniam (), Renuka Sane, Mithila Sarah () and Karthik Suresh
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Vimal Balasubramaniam: Queen Mary University of London
Mithila Sarah: National Institute of Public Finance and Policy
Karthik Suresh: National Institute of Public Finance and Policy

Working Papers from National Institute of Public Finance and Policy

Abstract: A rapid expansion in the Indian financial sector has necessitated a growing focus on improving 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).

Pages: 30
Date: 2022-01
New Economics Papers: this item is included in nep-his and nep-ias
Note: Working Paper 365, 2022
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Citations: View citations in EconPapers (1)

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