New Delhi [India]: Amid rising security concerns along India’s western border, Union Finance Minister Nirmala Sitharaman on Friday held a high-level meeting with the Managing Directors and CEOs of Public and Private Sector Banks and Insurance Companies to review the sector’s operational readiness and cybersecurity posture.
According to a Ministry of Finance statement, the meeting was attended by senior officials from the Department of Financial Services, CERT-In, RBI, IRDAI, and NPCI, with discussions centred on ensuring resilience in banking operations and digital services like internet banking and UPI during ongoing geopolitical tensions.
Bank and insurance heads assured the Finance Minister of enhanced readiness:
- Anti-DDoS systems have been deployed across banks.
- Mock drills simulating cyberattacks and disaster recovery have been conducted.
- Banks’ Security Operations Centres (SOCs) and Network Operations Centres are on high alert, closely coordinating with CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC).
“Phishing attempts are being actively watched, and staff members have received several internal alerts to increase awareness,” bank officials noted during the session.
Emphasising the critical role of the financial sector during national emergencies, FM Sitharaman directed all institutions to ensure uninterrupted access to banking and financial services, especially in border areas:
“Banking services, both physical and digital, must function without disruption and glitches.”
She instructed that emergency protocols be updated and regularly tested, and highlighted the need to safeguard bank employees and their families in border areas through coordination with security forces.
The Finance Minister mandated banks to:
- Guarantee seamless cash availability at ATMs.
- Maintain uninterrupted UPI and internet banking services.
- Prioritise essential banking access for citizens and businesses.
- Conduct regular cybersecurity audits and maintain round-the-clock monitoring of all digital infrastructure.
“The country’s banking and financial system remains robust and resilient,” Sitharaman stated, reiterating the government’s unwavering commitment to national security and economic stability.
Further, Sitharaman instructed banks to appoint two senior officials at headquarters — one for cyber matters and another for operational continuity — both of whom will report real-time incidents to CERT-In and the Department of Financial Services.
Insurance companies were also directed to ensure timely claim settlements and uninterrupted customer services.
“Sponsor Banks should ensure that RRBs are well-supported during these times and hand-hold them for any issues that they are facing,” the Finance Minister added.
The coordinated response is intended to bolster economic resilience amid heightened geopolitical threats, with real-time coordination between banks, government agencies, and the RBI emphasized as critical to national preparedness.