Union Minister for Finance Nirmala Sitharaman
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In the light of hostilities between India and Pakistan, Finance Minister Nirmala Sitharaman on Friday directed all banks to remain fully alert and be prepared to deal with any eventuality or crisis. She also asked banks to ensure safety of bank employees and their families working at branches around the border areas.
The Minister convened a high-level meeting with the Managing Directors and CEOs of public and private sector banks and insurance companies amidst emerging security concerns arising from tensions at the border.
“The Finance Minister directed all banks to remain fully alert and prepared to deal with any eventuality or crisis, ensuring uninterrupted access to banking and financial services for citizens across the country, especially in border areas,” a Finance Ministry statement said. Further, she said banking services, both physical and digital, must function without disruption and glitches, and emergency protocols should be updated and tested to handle any arising contingencies.
Regular audits
Sitharaman 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. She 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 prevent breaches or any hostile cyber activity, the statement said.
The Minister 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 Financial Services Department on a real-time basis.
The Minister mentioned that the sponsor banks should ensure that RRBs are well-supported during these times and handhold them for any issues that they are facing. She also directed insurance companies to ensure timely claim settlements and uninterrupted customer service.
On cyber attacks
During the meeting, top management of all the banks informed the government 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 cyber-attacks. To guarantee institutional readiness, mock drills have been held encompassing cybersecurity and disaster recovery scenarios at the highest levels. 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. 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.
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Published on May 9, 2025
