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.
