Amid escalating tensions along the India-Pakistan border, Finance Minister Nirmala Sitharaman has called on banks and financial institutions to intensify their operational and cybersecurity preparedness. In a high-level meeting held on Friday, Sitharaman emphasized the importance of ensuring glitch-free banking services and safeguarding staff and infrastructure in vulnerable regions.
The meeting included top officials from the Ministry of Finance, Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), National Payments Corporation of India (NPCI), and Indian Computer Emergency Response Team (CERT-In).
Addressing the growing threat of cyber intrusions during geopolitical uncertainty, Sitharaman instructed banks to perform regular cybersecurity audits and keep core banking and digital platforms like UPI and internet banking under 24/7 surveillance. She stressed the need for watertight firewalls and rapid response protocols to counter any hostile cyber activities.
To streamline crisis management, banks have been directed to appoint two senior officials at headquarters—one responsible for cyber-related risks and another for overseeing branch and ATM operations. These representatives will report incidents in real time to CERT-In and other relevant authorities.
Sitharaman also urged banks to ensure ATMs are well-stocked with cash, especially in high-alert zones, and that all banking services remain fully functional during emergencies.
On the insurance front, companies were instructed to expedite claim settlements and maintain seamless customer support. She also emphasized the importance of extending assistance to Regional Rural Banks (RRBs), which cater to remote and high-risk populations.
Bank executives reassured the Finance Minister that anti-DDoS protections have been deployed, mock drills are being conducted regularly, and cybersecurity teams are working closely with national defense cyber agencies like NCIIPC.
Reaffirming the government’s commitment to national and financial security, Sitharaman stated, “India’s banking and financial ecosystem remains resilient and well-prepared to handle emerging threats, both physical and digital.”
