Banking Division, DFS ranks 6th in Group A category of the GRAI

The Department of Financial Services (Banking and Insurance Divisions) has been receiving more than 2.50 lakh grievances annually. It has consistently figured among the top 10 Ministries/Departments in the Grievance Redressal Assessment & Index (GRAI) rankings since November 2025. For the month of May 2026, the Insurance Division secured the 2nd position in the Group A category (registering more than or equal to 500 grievances) in the GRAI rankings released by the Department of Administrative Reforms and Public Grievances. The Banking Division stood at the 6th position in the same category.

Since 7^th January 2024, the Secretary, Department of Financial Services, has been personally reviewing 20 randomly selected grievances, with complainants participating directly alongside the Chairpersons, MDs, CEOs, and senior management of the concerned financial institutions. This initiative aims to improve customer trust and ensure meaningful resolution of grievances.

The Department of Financial Services has also conducted workshops on ‘Effective Grievance Redressal Framework’ with RBI, IRDAI, PFRDA, and all Public Sector Banks. These sessions focused on identifying the root causes of complaints and improving the quality of grievance resolution. They also encouraged institutions to address customer’s concerns with professionalism, transparency, and empathy, thereby significantly strengthening public trust and improving service delivery. The Government aims to make governance more transparent, accountable, and citizen-centric.

Grievance redressal performance improves as financial services divisions rank high and expand complaint review and transparency measures. The Department of Financial Services has remained among the top 10 ministries and departments in grievance redressal rankings, with the Insurance Division securing 2nd rank in Group A for May 2026 and the Banking Division ranking 6th. The Department is also conducting direct review of selected grievances and workshops on an effective grievance redressal framework to improve complaint resolution, transparency, and customer trust.