Ensure no disruption in services including UPI, cash in ATMS : FM to banks amid Indo-Pak Conflict

Finance Minister Nirmala Sitharaman met top bank and insurance CEOs on Friday to assess operational readiness and cybersecurity posture amidst rising border tensions, directing full vigilance and uninterrupted services.

Amid heightened tensions along the border, Union Finance Minister Nirmala Sitharaman convened a high-level meeting with the Managing Directors and CEOs of public and private sector banks, along with insurance companies, to review the financial sector’s preparedness—especially its cybersecurity resilience and operational continuity.

The meeting was attended by senior officials from the Department of Financial Services (DFS), the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), National Payments Corporation of India (NPCI), and the Indian Computer Emergency Response Team (CERT-In).

FM was apprised of measures already underway to secure digital financial infrastructure, including internet banking and UPI platforms. Bank chiefs reported that cybersecurity has been reinforced across the system with the deployment of anti-DDoS protections, continuous monitoring via Security Operations Centres (SOCs), and real-time coordination with CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC).

Mock drills simulating cybersecurity breaches and disaster recovery scenarios have been held at the highest levels, with staff sensitised through internal alerts to guard against phishing and other threats.

Sitharaman underlined the essential role of financial institutions during such times and directed banks to remain fully alert and prepared to handle any eventuality, ensuring uninterrupted banking services—physical and digital—especially in vulnerable border areas. She also instructed banks to update and test emergency protocols without delay.

To strengthen operational oversight, Sitharaman asked banks to appoint two dedicated senior officers—one for cybersecurity and another for ground operations, including cash availability at ATMs and branch functioning—who will report incidents to CERT-In and DFS in real time.

Banks were also directed to carry out regular audits of their cybersecurity infrastructure and ensure all digital systems are adequately firewalled and continuously monitored.

The Finance Minister emphasised that sponsor banks must support Regional Rural Banks (RRBs) during this period and ensure their smooth functioning. Insurance companies were directed to ensure timely claim settlements and seamless customer service.