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Business Standard
12-05-2025
- Business
- Business Standard
Finance Minister highlights critical role of banking and financial sector in ensuring economic stability during heightened geopolitical tensions
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman, recently convened a high-level meeting with the Managing Directors and CEOs of Public and Private Sector Banks and insurance companies amidst emerging security concerns arising from tensions at the border. Senior officials from the Department of Financial Services (DFS), Ministry of Finance, CERT-In, RBI, IRDAI and NPCI attended the meeting that focused on reviewing the banking sector's operational and cybersecurity preparedness, including digital applications such as internet banking and UPI. The Managing Directors and CEOs of all the banks and insurance companies apprised the Union Finance Minister about the measures they are undertaking, given the ongoing tensions at the border. Bank MDs & CEOs informed 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. Sitharaman stressed on the critical role of the banking and financial sector in ensuring economic stability during heightened geopolitical tensions and challenging times. The Union Finance Minister directed all banks to remain fully alert and prepared to deal with any eventuality or crisis, ensuring uninterrupted access to banking & financial services for citizens across the country, especially in border areas. Sitharaman remarked that banking services, both physical and digital, must function without disruption and glitches, and emergency protocols should be updated and tested to handle any arising contingencies.
The Print
10-05-2025
- Business
- The Print
Indo-Pak conflict: Sitharaman asks banks to ensure uninterrupted services
Banking services, both physical and digital, must function without disruption and glitches, she said, adding that emergency protocols should be updated and tested to handle any contingencies. Addressing a meeting of CEO of banks and insurance companies on cybersecurity preparedness, the finance minister stressed the critical role of the banking and financial sector in ensuring economic stability in challenging times. New Delhi, May 9 (PTI) Finance Minister Nirmala Sitharaman on Friday asked banks to remain vigilant and take all steps to ensure uninterrupted services to customers in view of heightened military conflict between India and Pakistan. She advised banks to ensure the safety of bank employees and their families working at branches along the border areas. Sitharaman also directed banks to ensure their adequate safety by effectively coordinating with the security agencies, the finance ministry said in a statement after the high-level meeting. It was attended by top officials of banks and insurance companies and senior officials from the Department of Financial Services (Ministry of Finance), CERT-In, RBI, Irdai and NPCI. She also asked banks to ensure that citizens and businesses do not suffer under any circumstances, and priority must be given to seamless cash availability at ATMs, uninterrupted UPI and internet banking services, and continued access to essential banking facilities. Earlier in the day, public sector banks, including State Bank of India and Punjab National Bank, said their ATMs are fully functional, well-stocked, and that digital services are operating smoothly. Sitharaman reiterated that the government is firmly committed to national security and economic stability, noting that the country's banking and financial system remains robust and resilient. During the meeting, the finance minister reviewed operational and cybersecurity preparedness, including digital public-facing applications like internet banking and UPI. Bank MDs and CEOs informed 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 cyberattacks, the statement said. To guarantee institutional readiness, mock drills have been held covering cybersecurity and disaster recovery scenarios at the highest levels, it said, adding that 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, it said. 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, it added. To meet any eventuality, Sitharaman directed banks to conduct regular audits of their cybersecurity systems and data centres and ensure that all digital and core-banking infrastructure is fully firewalled and monitored around the clock to prevent breaches or any hostile cyber activity. She instructed banks to designate two dedicated senior officials identified at the 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. Both dedicated officers should report any incident to CERT-In/relevant agencies and DFS on a real-time basis, the statement said. In this regard, it said, banks were also asked to coordinate in real time with the Reserve Bank of India, CERT-In and relevant government agencies to ensure robust and agile information exchange and response. As regards the insurance sector, the finance minister asked insurance companies to ensure timely claim settlements and uninterrupted customer service. Sitharaman also said the Sponsor Banks should ensure that RRBs are well-supported during these times and hand-hold them for any issues that they are facing. PTI DP CS DP BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Business Mayor
09-05-2025
- Business
- Business Mayor
Be crisis-ready, firewall systems: FM Sitharaman to banks amid India-Pakistan escalation
Sitharaman on Friday convened a meeting with managing directors and CEOs of public and private sector banks and insurance companies. She directed banks to ensure that citizens and businesses do not suffer under any circumstances, and give priority to seamless cash availability at ATMs, uninterrupted UPI and internet banking services, and continued access to essential banking facilities. The minister also directed insurance firms to make timely claim settlements and continued customer service. Sitharaman further directed banks to conduct regular audits of cybersecurity systems and data centres to ensure that all digital and core banking infrastructure is fully firewalled and monitored round the clock for preventing breaches or any hostile cyber activity. In its statement, the finance ministry said banks were also asked to coordinate in real time with the Reserve Bank of India, CERT-In, and relevant government agencies to ensure robust and agile information exchange and response. Sitharaman further 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 availability of cash in ATMs. Both officers should report any incident to CERT-In/relevant agencies and DFS on a real-time basis, the statement noted. The meeting was also attended by senior officials from the ministry's Department of Financial Services, CERT-In, RBI, IRDAI and NPCI. It focused on reviewing the banking sector's operational and cybersecurity preparedness, including digital public-facing applications such as internet banking and UPI. According to the finance ministry, bank MDs & CEOs informed 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 large scale cyber attacks. 'To guarantee institutional readiness, mock drills have been held encompassing cybersecurity and disaster recovery scenarios at the highest levels,' the statement noted, adding that banks further apprised that phishing attempts are being actively watched, and staff members have received several internal alerts to increase awareness. Bank officials said their security operations centres 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. The finance minister also expressed deep concern about the safety of bank employees and their families working at branches in border areas. She directed banks to ensure adequate safety of these employees by effectively coordinating with the security agencies. Sitharaman also mentioned that sponsor banks should ensure that RRBs are well-supported during these times and hand-hold them for any issues that they are facing.
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Business Standard
09-05-2025
- Business
- Business Standard
FM directs banks to remain fully alert to prevent cyber security breaches
Amid the ongoing conflict with Pakistan, Union Finance Minister Nirmala Sitharaman on Friday directed banks and other financial institutions to ensure that all digital and core banking infrastructure is fully firewalled and monitored round the clock to prevent breaches or hostile cyber activity. Sitharaman also instructed banks to ensure that citizens and businesses do not face service disruptions under any circumstances. Priority must be given to seamless cash availability at ATMs, uninterrupted UPI and internet banking services, and continued access to essential banking facilities. 'The Union 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. Sitharaman remarked that banking services, both physical and digital, must function without disruption and glitches, and emergency protocols should be updated and tested to handle any arising contingencies,' the Ministry of Finance said in a statement. Sitharaman chaired a high-level meeting with the managing directors and chief executive officers of public and private sector banks and insurance companies, in light of emerging security concerns arising from tensions at the border. Senior officials from the Department of Financial Services (DFS), the Indian Computer Emergency Response Team (CERT-In), the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI), and the National Payments Corporation of India (NPCI) were also present. 'The Union Finance Minister instructed banks to designate two senior officials at their headquarters—one to report all cyber-related matters and the other to oversee operational matters, including the functioning of bank branches and ATM cash availability. These officials should report any incidents to CERT-In or relevant agencies and to the DFS on a real-time basis,' the ministry said. 'Banks were also asked to coordinate in real time with the RBI, CERT-In and other relevant government agencies to ensure robust and agile information exchange and incident response.' The Finance Minister also directed insurance companies to ensure timely claim settlements and uninterrupted customer service. She asked sponsor banks to ensure that Regional Rural Banks (RRBs) are well-supported and hand-held through any operational issues during this period. During the meeting, bank MDs and CEOs informed the Finance Ministry that cybersecurity measures have been reinforced across the banking system. Anti-DDoS (Distributed Denial-of-Service) systems have been implemented to protect against large-scale cyber-attacks. 'To guarantee institutional readiness, mock drills have been held encompassing cybersecurity and disaster recovery scenarios at the highest levels. Phishing attempts are being actively monitored, and internal alerts have been issued to staff to increase awareness,' the ministry stated. Bank officials said their Security Operations Centres (SOCs) and Network Operations Centres are fully operational and on high alert. These centres are working in close coordination with CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC), enabling real-time data sharing and threat tracking. During the meeting, the Finance Minister expressed concern about the safety of bank employees and their families working in branches near border areas. She directed banks to ensure their adequate protection through coordination with local security agencies.
Hans India
09-05-2025
- Business
- Hans India
FM Sitharaman takes stock of steps for cybersecurity at banks amid rising border tensions
New Delhi: Finance Minister. Nirmala Sitharaman on Friday convened a high-level meeting with the Managing Directors and CEOs of public and private sector banks and insurance companies amidst emerging security concerns arising from tensions at the border. Senior officials from the Department of Financial Services of the Ministry of Finance, the CERT-In, the RBI, the IRDAI, and the NPCI attended the meeting, which focused on reviewing the banking sector's operational and cybersecurity preparedness, including digital public-facing applications such as internet banking and UPI. The Managing Directors and CEOs of all the banks and insurance companies apprised the Finance Minister about the measures they are undertaking, given the ongoing tensions at the border. Bank MDs & CEOs informed 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. During the meeting, the Finance Minister stressed the critical role of the banking and financial sector in ensuring economic stability during heightened geopolitical tensions and challenging times. She directed all banks to remain fully alert and prepared to deal with any eventuality or crisis, ensuring uninterrupted access to banking & financial services for citizens and businesses across the country, especially in border areas. She remarked that banking services, both physical and digital, must function without disruption and glitches. Emergency protocols should be updated and tested to handle any arising contingencies, she added.. The Finance Minister expressed deep concern about the safety of bank employees and their families working at branches around the border areas. She directed banks to ensure their adequate safety by effectively coordinating with the security agencies. She asked banks to ensure that citizens and businesses do not suffer under any circumstances, and priority must be given to seamless cash availability at ATMs, uninterrupted UPI and internet banking services, and continued access to essential banking facilities. The Finance Minister directed banks to conduct regular audits of their cybersecurity systems and data centres and ensure that all digital and core banking infrastructure is fully firewalled and monitored round the clock to prevent breaches or any hostile cyber activity. She instructed banks to designate two dedicated senior officials identified at the 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. Both dedicated officers should report any incident to CERT-In/relevant agencies and DFS on a real-time basis. In this regard, banks were also asked to coordinate in real time with the RBI, CERT-In and relevant government agencies to ensure robust and agile information exchange and response, according to an official statement. Besides, the Finance Minister directed insurance companies to ensure timely claim settlements and uninterrupted customer service. The Finance Minister mentioned that the sponsor banks should ensure that regional rural banks (RRBs) are well-supported during these times and hand-hold them for any issues that they are facing. Sitharaman reiterated that the government is firmly committed to national security and economic stability, noting that the country's banking and financial system remains robust and resilient.
