IDEAS home Printed from https://ideas.repec.org/p/npf/wpaper/22-365.html
   My bibliography  Save this paper

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
    as

    Download full text from publisher

    File URL: https://nipfp.org.in/media/medialibrary/2022/01/WP_365_2022.pdf
    Download Restriction: no
    ---><---

    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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Monika Halan & Renuka Sane & Susan Thomas, 2014. "The case of the missing billions: estimating losses to customers due to mis-sold life insurance policies," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 17(4), pages 285-302, December.
    2. Patnaik, Ila & Mittal, Shalini & Pandey, Radhika, 2019. "Examining the trade-off between price and financial stability in India," Working Papers 19/248, National Institute of Public Finance and Policy.
    3. Pratik Datta, 2019. "Value Destruction and Wealth Transfer Under the Insolvency and Bankruptcy Code, 2016," Working Papers id:12965, eSocialSciences.
    4. Renuka Sane & Susan Thomas, 2012. "What should regulation do in the field of micro-finance?," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2012-012, Indira Gandhi Institute of Development Research, Mumbai, India.
    5. Datta, Pratik, 2018. "Value Destruction and Wealth Transfer under the Insolvency and Bankruptcy Code, 2016," Working Papers 18/247, National Institute of Public Finance and Policy.
    6. Chakraborty, Lekha, 2021. "Fiscal Federalism, Expenditure Assignments and Gender Equality," Working Papers 21/334, National Institute of Public Finance and Policy.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:npf:wpaper:22/365. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: S.Siva Chidambaram (email available below). General contact details of provider: http://www.nipfp.org.in .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.