Indo-Pak Conflict: Sitharaman Asks Banks To Ensure Uninterrupted Services
Bank MDs and CEOs informed that cybersecurity measures have been reinforced throughout the banking system.
NEW DELHI: Amid the escalating tension between India and Pakistan over ‘Operation Sindoor’, Union finance minister Nirmala Sitharaman on Friday directed all the banks and financial institutions to remain alert and be prepared to deal with any eventuality or crisis. Concerned about employees’ safety due to Pakistan’s retaliatory attempt on India, she also asked banks to coordinate with security agencies for their protection.
In view of the ongoing Indo-Pak conflict, the finance minister reviewed the operation in the banking sector and ensured uninterrupted banking services as well as cyber security preparedness. Her move came amid Pakistan’s repeated attempts in launching a cyber offensive targeting Indian citizens through social media platforms such as WhatsApp, Emails, Facebook, and Telegram to distribute malware aimed at compromising sensitive information and financial data.
“All banks must remain fully alert and prepared to deal with any eventuality or crisis, ensuring uninterrupted access to banking and financial services for citizens and businesses. Banks must conduct regular audits of their cyber security systems and data centres and ensure that all digital and core banking infrastructure is fully fire-walled and monitored round the clock to prevent breaches or any hostile cyber activity,” she said, directing all banks in a statement.
The finance minister also stressed that both physical and digital banking services in the country must function without disruption, ensuring cash availability at ATMs, continuous UPI and internet banking services, and access to other essential banking facilities. “Emergency protocols should be updated and tested to manage any contingencies effectively,” she said.
During the meeting, the bank leaders highlighted that cyber security measures have been significantly reinforced across the banking system. Anti-distributed denial-of-service systems have been implemented to guard against large-scale cyber-attacks. Banks have also carried out mock drills for cyber security and disaster recovery to ensure preparedness. Special emphasis was placed on monitoring phishing attempts, with internal alerts issued to enhance staff awareness.
India has experienced a revolution in digital payments, with the National Payments Corporation of India (NPCI) and major banks playing a crucial role in supporting this digital infrastructure. The country witnesses approximately 17-18 billion mobile payment transactions every month, totalling around Rs 24 lakh crore.
Sitharaman also emphasised the critical role of the banking sector in maintaining economic stability during such volatile times. India successfully defended against multiple missile and drone attacks from Pakistan on the night of May 8. Following this, the government instructed key institutions to enhance cyber security measures for critical banking systems and payment infrastructure, such as core banking systems, payment gateways, real-time gross settlement systems, and Unified Payments Interface (UPI) infrastructure among others.