Amid escalating military conflict between India and Pakistan, Finance Minister Ms. Nirmala Sitharaman on Friday instructed banks and insurance companies to stay vigilant and ensure uninterrupted services to customers. She chaired a high-level meeting with CEOs of banks and insurance firms to review cybersecurity preparedness and operational continuity.
The finance minister emphasised the critical role of the financial sector in maintaining economic stability during challenging times. She directed banks to ensure that both physical and digital banking services operate smoothly without glitches. Banks were asked to immediately update and test emergency protocols to handle any contingencies effectively.
Ms. Sitharaman specifically called for the safety of bank employees and their families working in border areas and advised close coordination with security agencies to ensure adequate protection.
Top officials from public and private banks, insurance companies, the Department of Financial Services, RBI, CERT-In, NPCI, and IRDAI participated in the meeting. Bank CEOs assured the minister that cybersecurity frameworks had been reinforced across the system, with anti-DDoS systems in place to guard against cyberattacks.
The Finance Minister also reviewed preparedness around digital platforms such as UPI and internet banking. She stressed that ATMs must remain functional and well-stocked, and customers should face no disruption in accessing essential banking services.
Ms. Sitharaman was informed that mock drills had been conducted to assess cybersecurity and disaster recovery readiness, and that phishing attempts were being actively monitored. Banks confirmed that their Security Operations Centres (SOCs) and Network Operations Centres were on high alert and in close coordination with CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC) for real-time threat tracking and data sharing.
She instructed that two senior officials be designated at each bank’s headquarters — one to report all cyber incidents and the other to oversee operational issues, including ATM cash supply and branch operations. These officials are required to report any incident in real-time to CERT-In and the Department of Financial Services.
The Finance Minister further advised banks to conduct regular cybersecurity audits and to firewall and monitor all digital and core banking systems around the clock.
For the insurance sector, she directed timely claim settlements and uninterrupted customer service. Ms. Sitharaman also instructed sponsor banks to extend full support to Regional Rural Banks (RRBs), ensuring they remain functional and well-assisted during this critical time.
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