Amid escalating security concerns along India’s borders, Union Finance Minister Nirmala Sitharaman on Friday directed all public and private sector banks to remain on high alert and ensure uninterrupted banking services — both physical and digital — across the country, especially in vulnerable border regions.
Chairing a high-level meeting with Managing Directors and CEOs of public and private sector banks and insurance companies on May 9 in New Delhi, Sitharaman emphasised the urgent need to strengthen cybersecurity infrastructure and institutional preparedness.
“Our financial system remains robust and resilient. The government is firmly committed to national security and economic stability,” Sitharaman said during the review meet.
“Emergency protocols must be updated and tested to handle any arising contingencies,” the Finance Minister said, adding that “priority must be given to seamless cash availability at ATMs, uninterrupted UPI and internet banking services, and continued access to essential banking facilities.”
She further 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 round the clock” to guard against breaches and hostile cyber activity.
Real-Time Coordination Mandated
To ensure robust oversight, Sitharaman instructed banks to designate two senior officers at headquarters — one for cyber incident reporting and the other for operational continuity. These officials must report all developments in real time to CERT-In, the Department of Financial Services (DFS), and other relevant agencies.
Defences Amid Threat Perception
Bank executives informed the Minister that comprehensive cybersecurity reinforcements have already been rolled out across the banking system. Measures include implementation of anti-DDoS (Distributed Denial-of-Service) systems to prevent large-scale cyber-attacks and the execution of mock drills simulating disaster recovery and cybersecurity breach scenarios.
Security Operations Centres (SOCs) and Network Operations Centres (NOCs) are fully operational and on high alert, noting that phishing attempts are being closely monitored and bank employees have received internal alerts to boost cyber awareness, banks said.
Banks are also working in close coordination with CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC) to facilitate real-time threat monitoring and data sharing, officials said.
Insurance Firms Also Reviewed
The Finance Minister also reviewed the preparedness of insurance companies and directed them to ensure timely claim settlements and uninterrupted customer service. She asked sponsor banks to extend full support to Regional Rural Banks (RRBs) and assist them in resolving operational challenges during these tense times.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
