The finance ministry has asked major financial institutions such as the RBI, banks and NPCI to be on high alert and step up cybersecurity measures to protect the country’s financial institutions and digital payment infrastructure, sources told Moneycontrol.
"Yes. We have issued a detailed advisory on it," a top government official told Moneycontrol.
The financial institutions include major banks, the National Payments Corporation of India (NPCI), which operates real-time payments system UPI, the Reserve Bank of India (RBI) and some other establishments that are deemed as organisations important to the integrity and security of the country’s financial system.
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India has seen a digital payments revolution, and protecting NPCI and major banks act as the backbone of this digital infrastructure. India sees around 17-18 billion mobile payment transactions every month worth around Rs 24 lakh crore.
The advisory comes in the wake of escalating tensions between India and Pakistan after the April 22 Pahalgam massacre and the counter terrorism measures taken by India.
On May 8 night, India repulsed waves of Pakistani missiles and drone attacks aimed at its border areas and military bases in Jammu, Pathankot, Udhampur and other locations.
The Centre has specifically asked these institutions to remain on high alert and bolster cybersecurity across core banking systems, payment gateways, real-time gross settlement systems, and Unified Payments Interface (UPI) infrastructure.
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A day earlier, India launched Operation Sindoor in the early hours , hitting nine terror bases in Pakistan and Pakistan-occupied Kashmir two weeks after 26 people were killed in a terror strike in Kashmir’s Pahalgam on April 22.
Earlier, CERT-In and the Reserve Bank of India also advised most major financial institutions and payment companies to be ready and prepared for any cyber attacks given the current situation.
The Indian Computer Emergency Response Team (CERT-In) is an office within the ministry of electronics and information technology that monitors the country’s cybersecurity and digital assets.
The National Critical Information Infrastructure Protection Centre (NCIIPC), under the National Technical Research Organisation (NTRO), is the national agency tasked with protecting Critical Information Infrastructure (CII) — assets whose disruption can severely impact national security and economic stability.
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