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The Finance Minister also directed insurance companies to ensure timely claim settlements and uninterrupted customer service.
Union Finance Minister Nirmala Sitharaman. (PTI file photo)
In light of the ongoing border tensions, FM Nirmala Sitharaman urged banks to prioritise seamless cash availability at ATMs, uninterrupted UPI and internet banking services, and continuous access to essential banking facilities. Regular audits of cybersecurity systems and data centres were mandated to ensure all digital and core banking infrastructure is firewalled and monitored round the clock to prevent breaches.
During the meeting, Sitharaman emphasized the crucial role of the banking and financial sector in maintaining economic stability during these challenging times. She directed all banks to remain fully alert and prepared to handle any crisis, ensuring uninterrupted banking and financial services, particularly in border areas. Both physical and digital banking services must function seamlessly, with emergency protocols updated and tested regularly.
The Finance Minister expressed deep concern for the safety of bank employees and their families working near the border and instructed banks to coordinate with security agencies to ensure their safety.
The Managing Directors and CEOs of banks and insurance companies have updated Sitharaman on the measures being taken to ensure stability and security.
Cybersecurity Enhancements Across Banking System
Bank MDs and CEOs reported significant reinforcement of cybersecurity measures across the banking system. Banks have implemented Anti-DDoS systems to defend against large-scale cyber-attacks. To ensure readiness, high-level mock drills covering cybersecurity and disaster recovery scenarios have been conducted. Banks are also actively monitoring phishing attempts and have issued multiple internal alerts to staff to enhance awareness.
Bank officials confirmed that their Security Operations Centre (SOC) and Network Operations Centres are fully operational and on high alert. These centres are closely coordinating with CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC) for real-time data sharing and threat monitoring.
Senior Officials For Crisis Management
Banks were instructed to designate two senior officials at headquarters—one for reporting cyber-related matters and the other for operational issues, including the functioning of bank branches and ATM cash availability. These officers should report incidents to CERT-In and relevant agencies in real-time. Additionally, banks were asked to coordinate with the Reserve Bank of India, CERT-In, and government agencies for robust and agile information exchange and response.
Insurance Companies
The Finance Minister also directed insurance companies to ensure timely claim settlements and uninterrupted customer service.
Support for RRBs
Sitharaman stressed that Sponsor Banks should support Regional Rural Banks (RRBs) during these times, assisting them with any issues they face.
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