Amid escalating tensions between India and Pakistan, Finance Minister Nirmala Sitharaman has directed banks to remain on high alert and ensure uninterrupted financial services across the country, particularly in border regions.
On May 9, Sitharaman chaired a high-level meeting with top officials from public and private sector banks, insurance companies, and financial regulators, including the Reserve Bank of India (RBI), CERT-In, IRDAI, and NPCI. The meeting focused on cybersecurity measures, operational readiness, and financial stability amid the ongoing geopolitical crisis.
With concerns over potential cyberattacks, Sitharaman emphasized the need for robust cybersecurity infrastructure. Banks have been instructed to:
- Conduct regular audits of their cybersecurity systems.
- Strengthen firewalls and monitoring mechanisms to prevent breaches.
- Ensure round-the-clock surveillance of digital banking platforms, including UPI and internet banking.
- Deploy anti-DDoS (Distributed Denial-of-Service) systems to counter cyber threats.
The Finance Minister stressed that both physical and digital banking services must remain fully operational. Banks have been asked to:
- Guarantee seamless cash availability at ATMs.
- Maintain uninterrupted UPI and internet banking services.
- Implement emergency protocols to handle any crisis.
Sitharaman expressed concern for bank employees stationed in sensitive border regions. Banks have been directed to coordinate with security agencies to ensure staff safety and operational continuity.
Insurance companies have been instructed to expedite claim settlements and provide uninterrupted customer service to minimize disruptions for policyholders.
Reaffirming the government’s commitment to national security and financial resilience, Sitharaman stated that India’s banking and financial system remains robust despite geopolitical challenges.
The situation remains fluid, with banks and financial institutions closely monitoring developments to ensure economic stability amid rising Indo-Pak tensions.
