New Delhi: As tensions rise between India and Pakistan, Union Finance Minister Nirmala Sitharaman has urged all banks to stay on high alert. She stressed the importance of being fully prepared to handle any unexpected situations, ensuring that banking and financial services continue smoothly for both citizens and businesses. Her message comes as part of a broader effort to maintain stability and confidence in the financial system during uncertain times.
Finance Minister Nirmala Sitharaman on Friday held a high-level meeting with senior officials from public and private banks, along with insurance companies. The key agenda was to review cybersecurity measures and ensure that banking services continue without disruption amid the ongoing tensions between India and Pakistan.
The Finance Minister has directed all banks to appoint two senior officials at their headquarters — one to handle and report all cyber-related issues, and another to oversee day-to-day operations like branch functioning and ATM cash availability. Any incident must be reported in real-time to CERT-In, concerned agencies, and the Department of Financial Services (DFS).
Banks have also been asked to stay in real-time coordination with the Reserve Bank of India, CERT-In, and other relevant government agencies to enable quick and effective information sharing and response. Moreover, the Finance Minister emphasized the need to ensure the safety and well-being of employees and their families, especially those posted at branches in border areas.
The Finance Minister also directed insurance companies to ensure timely claim settlements and uninterrupted services for customers. Meanwhile, the MDs and CEOs of various banks and insurance firms briefed her on the steps they’re taking to stay prepared amid the ongoing border tensions.
India successfully thwarted several missile and drone attacks from Pakistan on the night of May 8. In response, the government has asked key institutions to strengthen cybersecurity across critical financial systems — including core banking, payment gateways, RTGS, and UPI — to ensure smooth and secure operations.