Seamless Services, Cybersecurity, and Employee Safety Top Priorities
In response to the escalating border tensions, Finance Minister Nirmala Sitharaman called on the banking sector to play a crucial role in maintaining economic stability and ensuring uninterrupted banking services across India. The Minister emphasised the importance of preserving seamless cash availability at ATMS, uninterrupted UPI services, and access to essential banking facilities, particularly in regions close to the borders.
In a detailed meeting with Managing Directors (MDS) and CEOS of major banks and financial institutions, Sitharaman emphasised the need for heightened preparedness to manage any potential crisis, whether physical or cyber-related. She directed all banks to ensure that both physical and digital banking services continue to operate without disruption. Additionally, she underscored the importance of keeping emergency protocols up to date and conducting regular testing to ensure quick and effective responses in the event of a national emergency.
Cybersecurity and Disaster Management Initiatives
The Finance Minister specifically focused on cybersecurity, instructing banks to conduct regular audits of their cybersecurity systems and data centres to ensure robust defences against potential breaches. She stressed the need for 24/7 monitoring of core banking infrastructure to safeguard against threats, including large-scale cyberattacks. In response, banks have reinforced their cybersecurity measures by implementing Anti-DDoS (Distributed Denial of Service) systems and conducting high-level mock drills focused on disaster recovery and cybersecurity scenarios. Banks are also closely monitoring phishing attempts and have heightened awareness among staff through internal alerts.
Operational Readiness and Coordination with Authorities
Sitharaman called for heightened vigilance in areas most vulnerable to disruption, especially border areas, where bank officials were instructed to work closely with security agencies to ensure the safety of employees and their families. In line with this, banks were tasked with maintaining coordination with the Reserve Bank of India (RBI), the Computer Emergency Response Team (CERT-In), and other relevant government agencies for real-time data sharing and threat monitoring.
The Finance Minister further instructed the banks to designate two senior officials at the headquarters of each bank. One official would focus on cybersecurity issues, while the other would be responsible for operational concerns, such as the availability of cash at ATMS and the functioning of branches. Both officials are expected to report any incidents or issues to CERT-In and other relevant authorities immediately.
Insurance Sector Readiness
In addition to banking services, Sitharaman also emphasised the importance of the insurance sector in ensuring stability during these challenging times. She directed insurance companies to ensure timely claim settlements and the uninterrupted provision of customer services, stressing that no delays should occur in assisting policyholders during periods of uncertainty.
With these comprehensive instructions, the government aims to ensure that the banking and financial sectors remain resilient and responsive, safeguarding both economic interests and national security during the ongoing geopolitical challenges.
