Union Finance Minister Nirmala Sitharaman has taken proactive measures to strengthen India’s banking sector by convening a high-level review meeting focused on operational and cybersecurity preparedness. This meeting, held in response to emerging security concerns stemming from heightened tensions along the border, brought together Managing Directors and CEOs of public and private sector banks, insurance companies, and senior officials from the Department of Financial Services, RBI, CERT-In, IRDAI, and NPCI. The primary objective was to assess and enhance the resilience of digital banking platforms, including internet banking and UPI, and to ensure the seamless delivery of banking and financial services to citizens and businesses across the country.
During the meeting, Sitharaman emphasised the critical role of the banking and financial sector in maintaining economic stability during challenging times. She directed all banks to remain fully alert and prepared to deal with any eventuality, ensuring uninterrupted access to both physical and digital banking services, particularly in border areas. The Finance Minister insisted that emergency protocols be updated and tested regularly to handle any contingencies that may arise. She also expressed deep concern for the safety of bank employees and their families working in branches near the border, instructing banks to coordinate closely with security agencies to ensure their protection.
Bank leaders informed the Finance Minister that cybersecurity measures have been significantly reinforced throughout the sector. Anti-DDoS systems have been implemented to guard against large-scale cyberattacks, and mock drills covering cybersecurity and disaster recovery have been conducted to guarantee institutional readiness. Security Operations Centres and Network Operations Centres are fully operational and on high alert, coordinating in real time with CERT-In and the National Critical Information Infrastructure Protection Centre for threat monitoring and data sharing. Phishing attempts are being actively monitored, with staff receiving multiple internal alerts to boost cyber awareness.
Sitharaman directed banks to prioritise seamless cash availability at ATMs, uninterrupted UPI and internet banking services, and continued access to essential banking facilities. She instructed regular audits of cybersecurity systems and data centres, ensuring all digital and core banking infrastructure is fully firewalled and monitored around the clock. Banks were told to designate two dedicated senior officials at headquarters for reporting cyber-related matters and another for overseeing operational continuity, including branch functioning and ATM cash availability. These officers must report incidents in real time to CERT-In, DFS, and relevant agencies, ensuring a swift and agile response.
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Insurance companies were also instructed to ensure timely claim settlements and uninterrupted customer service. Sitharaman called on sponsor banks to support Regional Rural Banks, ensuring they receive adequate assistance during this period. Reiterating the government’s commitment to national security and economic stability, the Finance Minister assured that India’s banking and financial system remains robust and resilient, with all necessary measures in place to protect citizens’ interests and maintain public confidence in digital banking and financial services.
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