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

Author

Listed:
  • Balasubramaniam, Vimal

    (Queen Mary University of London)

  • Sane, Renuka

    (National Institute of Public Finance and Policy)

  • Sarah, Mithila

    (National Institute of Public Finance and Policy)

  • Karthik Suresh

    (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).

Suggested Citation

  • Balasubramaniam, Vimal & Sane, Renuka & Sarah, Mithila & Karthik Suresh, 2022. "Do Indian financial firms have a robust Grievance Redress Framework in place?," Working Papers 22/365, National Institute of Public Finance and Policy.
    • Handle: RePEc:npf:wpaper:22/365
    Note: Working Paper 365, 2022
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    File URL: https://nipfp.org.in/media/medialibrary/2022/01/WP_365_2022.pdf
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    References listed on IDEAS

    as
    1. Bailey, Rishab & Parsheera, Smriti & Rehman, Faiza & Sane, Renuka, 2018. "Disclosures in privacy policies: Does "notice and consent" work?," Working Papers 18/246, National Institute of Public Finance and Policy.
    2. M. Sahoo & Renuka Sane, 2011. "A Regulatory approach to financial product advice and distribution," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2011-029, Indira Gandhi Institute of Development Research, Mumbai, India.
    3. Gulati, Karan & Sane, Renuka, 2021. "Grievance Redress by Courts in Consumer Finance Disputes," Working Papers 21/331, National Institute of Public Finance and Policy.
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    Cited by:

    1. Balasubramaniam, Vimal & Sane, Renuka & Sharma, Srishti, 2023. "Whose financial grievances go unobserved?," Journal of Asian Economics, Elsevier, vol. 89(C).

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