Finance Minister Nirmala Sitharaman on Friday urged banks to stay vigilant and take all necessary measures to ensure uninterrupted services for customers amid the escalating military conflict between India and Pakistan.
While addressing a meeting with CEOs of banks and insurance companies on cybersecurity preparedness, the finance minister emphasised the crucial role of the banking and financial sector in maintaining economic stability during challenging times.
Sitharaman stressed that banking services—both physical and digital—must continue without disruption or glitches. She also directed institutions to update and test emergency protocols to effectively respond to any contingencies.
Additionally, Sitharaman advised banks to take appropriate steps to ensure the safety and well-being of employees and their families, especially those stationed at branches located along the border areas.
👉 Union Minister for Finance and Corporate Affairs Smt. @nsitharaman chairs meeting to review banking sector's operational and cybersecurity preparedness, including digital applications such as internet banking and UPI
May 9, 2025
👉 FM Smt. @nsitharaman directs all banks to remain fully… pic.twitter.com/X1OtHTS2m7Sitharaman also directed banks to ensure their adequate safety by effectively coordinating with the security agencies, the finance ministry said in a statement after the high-level meeting.
AdvertisementIt was attended by top officials of banks and insurance companies and senior officials from the Department of Financial Services (Ministry of Finance), CERT-In, RBI, Irdai and NPCI.
She also asked banks to ensure that citizens and businesses do not suffer under any circumstances, and priority must be given to seamless cash availability at ATMs, uninterrupted UPI and internet banking services, and continued access to essential banking facilities.
Earlier in the day, public sector banks, including State Bank of India and Punjab National Bank, said their ATMs are fully functional, well-stocked, and that digital services are operating smoothly.
Sitharaman reiterated that the government is firmly committed to national security and economic stability, noting that the country's banking and financial system remains robust and resilient.
AdvertisementDuring the meeting, the finance minister reviewed operational and cybersecurity preparedness, including digital public-facing applications like internet banking and UPI.
Bank MDs and CEOs informed that cybersecurity measures have been reinforced throughout the banking system. Anti-DDoS (Distributed Denial-of-Service) systems have been implemented by banks to protect against massive cyberattacks, the statement said.
To guarantee institutional readiness, mock drills have been held covering cybersecurity and disaster recovery scenarios at the highest levels, it said, adding that they apprised that phishing attempts are being actively watched, and staff members have received several internal alerts to increase awareness.
Bank officials stated that their Security Operations Centre (SOC) and Network Operations Centres are fully operational and on high alert, it said.
These centres are coordinating closely with CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC), facilitating real-time data sharing and threat monitoring, it added.
To meet any eventuality, Sitharaman directed banks to conduct regular audits of their cybersecurity systems and data centres and ensure that all digital and core-banking infrastructure is fully firewalled and monitored around the clock to prevent breaches or any hostile cyber activity.
She instructed banks to designate two dedicated senior officials identified at the headquarters, one for reporting all cyber-related matters and the other to ensure operational matters, including the functioning of bank branches and the availability of cash in ATMs.
Both dedicated officers should report any incident to CERT-In/relevant agencies and DFS on a real-time basis, the statement said.
In this regard, it said, banks were also asked to coordinate in real time with the Reserve Bank of India, CERT-In and relevant government agencies to ensure robust and agile information exchange and response.
As regards the insurance sector, the finance minister asked insurance companies to ensure timely claim settlements and uninterrupted customer service.
Sitharaman also said the Sponsor Banks should ensure that RRBs are well-supported during these times and hand-hold them for any issues that they are facing.
(With inputs from PTI)
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