Finance Minister Nirmala Sitharaman on Friday held a high-level meeting with the heads of public and private sector banks, insurance firms, and senior government officials to assess the financial sector’s readiness amid heightened border tensions.
New Delhi: Union Finance Minister Nirmala Sitharaman on Friday chaired a high-level meeting with the heads of public and private sector banks, insurance firms, and senior officials from key financial institutions to assess the sector’s preparedness in light of escalating security concerns along the western border.
The meeting, attended by representatives from the Department of Financial Services, CERT-In, the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI), and the National Payments Corporation of India (NPCI), focused on enhancing the cybersecurity posture of the banking sector and ensuring the uninterrupted functioning of digital financial services like internet banking and UPI, according to a statement from the finance ministry.
Bank managing directors and CEOS briefed the finance minister on ongoing measures to strengthen cybersecurity, including the deployment of advanced anti-DDoS (Distributed Denial-of-Service) systems to prevent large-scale cyberattacks. Officials noted that mock drills simulating disaster recovery and cyber breach scenarios have been conducted at the highest levels to ensure institutional readiness. They also reported increased vigilance against phishing attempts, with multiple internal alerts issued to staff to enhance awareness.
Real-time threat monitoring in place
Bank representatives highlighted that their Security Operations Centres (SOCs) and Network Operations Centres (NOCs) are fully operational and on high alert, coordinating closely with CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC) to facilitate real-time data sharing and threat analysis. This integrated approach, they said, is essential for detecting and mitigating potential cyber threats promptly.
Banks directed to maintain uninterrupted services
Stressing the critical role of the financial sector in ensuring economic stability during geopolitical tensions, Sitharaman directed banks to remain fully prepared to handle any contingencies, particularly in vulnerable border areas. She emphasised the need for seamless cash availability at ATMs, uninterrupted UPI and internet banking services, and continuous access to core banking functions, even under crisis conditions.
The finance minister instructed banks to update and rigorously test their emergency protocols, ensure that their digital and core banking infrastructure remains fully firewalled, and maintain continuous monitoring to prevent breaches. She also asked each bank to designate two senior officials at their headquarters – one to handle all cyber-related matters and the other to oversee operational issues, including the availability of cash at ATMs and the functioning of branches. These officials were directed to report any incidents to CERT-In and other relevant agencies on a real-time basis.
Support for RRBs and customer services
Sitharaman also instructed banks to provide additional support to Regional Rural Banks (RRBs), ensuring they have the necessary resources to operate smoothly during the ongoing tensions. Insurance companies were advised to expedite claim settlements and maintain uninterrupted customer service to minimise disruptions for policyholders.
Commitment to national security and economic stability
Reaffirming the government’s commitment to national security and economic resilience, Sitharaman noted that the country’s financial infrastructure remains robust and resilient despite the current geopolitical challenges. She stressed that protecting the financial sector is essential to maintaining broader economic stability and public confidence.
(With inputs from ANI)
