While tensions between India and Pakistan is intensifying, the Minister of Finance Nirmala Sitharaman has called on all banks to remain fully ready to manage all unforeseen situations. “All banks must remain completely alert and ready to deal with any possibility or crisis, guaranteeing uninterrupted access to banking and financial services for citizens and businesses,” said Sitharaman in a recent declaration.
Friday, FM Sitharaman summoned a high -level meeting with senior managers of private sector banks and public insurance companies. The meeting focused on examining the preparing for cybersecurity in the banking sector to provide uninterrupted banking services in the midst of Indian-Pakistani tensions.
The Minister of Finance stressed that physical and digital banking services must operate without disruption, guarantee the availability of species in automatic ticket distributors, UPI and continuous internet banking services and access to other essential banking facilities. Emergency protocols must be updated and tested to effectively manage all contingencies.
Sitharaman also expressed his concern about the security of bank employees in border areas and ordered banks to coordinate with security agencies for their protection.
India has experienced a revolution in digital payments, the National Payments Corporation of India (NPCI) and large banks playing a crucial role in supporting this digital infrastructure. The country witnesses around 17 to 18 billion mobile payment transactions each month, totaling approximately Rs 24 Lakh crores.
Cybersecurity measures
During the meeting, bank leaders stressed that cybersecurity measures were considerably strengthened in the banking system. Anti-DDOS systems (distributed service denial) have been implemented to guard against large-scale cyber attacks. Banks also performed simulated for cybersecurity and resumption after loss to ensure the preparation. A particular emphasis was placed on monitoring phishing attempts, with internal alerts issued to improve staff awareness.
Sitharaman highlighted the critical role of the banking sector in maintaining economic stability during these volatile times. It ordered all banks to remain completely alert and ready to manage any crisis, guaranteeing uninterrupted access to banking services for citizens and businesses, especially in border areas.
India successfully defended itself against several missile and drone attacks from Pakistan on the night of May 8. Following this, the government has managed key institutions to improve cybersecurity measures for critical banking systems and payment infrastructure, such as the payment banking interface, the interface interface (UPI).
