War-time: FM Sitharaman directs banks, insurance companies to remain fully alert
Virendra Pandit
New Delhi: With bilateral tension escalating by the hour and India considering to formally declare any fresh Pakistani military or terror misadventures as an ‘act of war”, Finance Minister Nirmala Sitharaman has directed the banks and insurance companies to remain fully alert and ensure uninterrupted access of the people to banking and financial services.
Amid the ongoing Operation Sindoor and escalating India-Pakistan hostilities, she directed the banks on Friday to be ready to deal with any eventuality or crisis, and to ensure safety of bank employees and their families working at branches in the border areas, the media reported on Saturday.
To ensure this, Sitharaman convened a high-level meeting with the Managing Directors and CEOs of public and private sector banks and insurance companies amid emerging security concerns.
“The Finance Minister directed all banks to remain fully alert and prepared to deal with any eventuality or crisis, ensuring uninterrupted access to banking and financial services for citizens across the country, especially in border areas,” the ministry said in a statement.
She said the banking services, both physical and digital, must function without disruption and glitches, and emergency protocols should be updated and tested to handle any contingencies.
Sitharaman asked banks to ensure that citizens and businesses do not suffer, and prioritize seamless cash availability at ATMs, uninterrupted UPI and internet banking services, and continued access to essential banking facilities.
She directed banks to conduct regular audits of their cybersecurity systems and data centres and make sure that all digital and core banking infrastructure is fully firewalled and monitored 24×7 to prevent breaches or any hostile cyber activity, the statement said.
Sitharaman instructed banks to designate two dedicated senior officials at their headquarters, one for reporting all cyber-related matters and the other to ensure operational matters, including the functioning of bank branches and the availability of cash in ATMs. They should report any incident to CERT-In / relevant agencies and Financial Services Department on a real-time basis.
The sponsor banks should ensure that regional rural banks (RRBs) are well-supported and handhold them for any issues they might face.
She also directed insurance companies to make sure timely claim settlements and uninterrupted customer service.
The banks’ top managers informed the government that cybersecurity measures have been reinforced throughout the banking system. Anti-DDoS (Distributed Denial-of-Service) systems have been implemented by banks to protect against massive cyber-attacks. To guarantee institutional readiness, mock drills have been held encompassing cybersecurity and disaster recovery scenarios at the highest levels. They apprised that phishing attempts are being actively watched, and staff members have received several internal alerts to increase awareness.
Bank officials stated that their Security Operations Centre (SOC) and Network Operations Centres are fully operational and on high alert. These centres are coordinating closely with CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC), facilitating real-time data sharing and threat monitoring.
