Union Minister for Finance and Corporate Affairs Nirmala Sitharaman, chaired a high-level meeting today with the Managing Directors and CEOs of public and private sector banks and insurance companies to review the banking sector’s operational and cybersecurity preparedness, particularly in light of emerging security concerns due to tensions at the border.
The meeting was joined by senior officials from the Department of Financial Services (DFS), Ministry of Finance, CERT-In, Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), and the National Payments Corporation of India (NPCI).
The deliberations focused on the resilience of banking operations and the robustness of digital services such as internet banking and Unified Payments Interface (UPI).
During the meeting, the bank leaders informed the Finance Minister that complete cybersecurity measures have been strengthened across the sector. Banks have deployed anti-DDoS (Distributed Denial-of-Service) systems to guard against large-scale cyber-attacks. Cybersecurity and disaster recovery mock drills have been led, and staff have been alerted to the risks of phishing and other cyber threats through internal advisories.
Security Operations Centres (SOCs) and Network Operations Centres (NOCs) of banks are on high alert and functioning round-the-clock. These units are in close coordination with CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC) to facilitate real-time data exchange and continuous threat checking.
Sitharaman underscored the dynamic role of the banking and financial sector in safeguarding economic continuity and constancy in times of disaster. She directed all banks to remain fully watchful and operationally prepared to handle any eventuality, ensuring continuous access to both physical and digital banking services, particularly in border areas. She also instructed that emergency protocols be studied and tested frequently.
Stating concern for the safety of bank employees and their families posted in border regions, the Finance Minister directed banks to coordinate with security activities and take adequate measures for their protection.
She emphasised that customer service must not be disrupted under any conditions and that cash availability at ATMs, UPI functionality, internet banking, and other essential services should continue without glitches.
To further strengthen oversight, Smt. Sitharaman directed banks to conduct regular audits of their cybersecurity systems and data centers, safeguarding that all digital infrastructure is lengthily firewalled and continuously monitored.
Each bank must designate two senior officers at the headquarters—one to oversee all cyber-related issues and the other to manage operational matters such as ATM cash flow and branch functioning. These officers are to report incidents in real-time to CERT-In, relevant agencies, and the DFS.
The Finance Minister also taught banks to maintain close coordination with the RBI, CERT-In, and other government bodies for seamless information sharing and quick response to any threats.
On the insurance front, Sitharaman directed companies to ensure timely claim settlements and continuous service to policyholders. She also called on sponsor banks to actively support Regional Rural Banks (RRBs) during this period and assist them in deciding any operational tests.
Reiterating the Government of India’s commitment to national security and economic resilience, the Finance Minister affirmed that the country’s banking and financial infrastructure remains strong, watchful, and capable of lasting external pressures.
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