New Delhi:
Finance Minister Nirmala Sitarman on Friday asked banks to be vigilant and took all steps to ensure uninterrupted services to customers in view of the increased military conflict between India and Pakistan.
Addressing a meeting of CEOs of banks and insurance companies on cyber security preparations, the Finance Minister emphasized the important role of banking and financial sector in ensuring economic stability in challenging times.
Banking services, both physical and digital, should work without disintegration and glits, said, saying that the emergency protocol should be updated and tested to handle any contingency.
He advised banks to ensure the safety of bank employees and their families who are working in branches in the border areas.
N Sitarman also instructed banks to ensure their adequate security by effectively coordinating with security agencies, the Finance Ministry said in a statement after a high-level meeting.
It was attended by top officials of banks and insurance companies and senior officials of the Department of Financial Services (Ministry of Finance), Certificate, RBI, Idardi and NPCI.
He also asked banks to ensure that citizens and business are not suffering under any circumstances, and priority should be given for easy cash availability in ATMs, uninterrupted UPI and internet banking services, and access to necessary banking facilities.
In the first day, the public sector bank, including State Bank of India and Punjab National Bank, said their ATMs have been completely functional, well stocked, and digital services are working smoothly.
N Sitarman reiterated that the government is strongly committed to national security and economic stability, given that the country’s banking and financial system remains strong and flexible.
During the meeting, the Finance Minister reviewed the preparations for operations and cyber security including digital public-focused applications such as Internet Banking and UPI.
Bank MDS and CEO said that cyber security measures have been reinforced in the entire banking system. The statement said that anti-DDOS (distributed refusal-to-service) systems have been implemented by banks to protect them from large scale cyber attacks.
To guarantee institutional readiness, the mock drill has been organized at the highest level covering cyber security and disaster recovery scenarios, stating that he stated that fish efforts are being actively seen, and staff members have received several internal alerts to raise awareness.
Bank officials said their Safety Operations Center (SOC) and Network Operations Centers are completely operational and are on high warning, it said.
These centers are closely coordinated with CERT-in and National Critical Infrastructure Infrastructure Protection Center (NCIIPC), providing real-time data sharing and danger monitoring.
To fulfill any event, N Sitarman directed banks to operate regular audit of their cyber security systems and data centers and ensured that all digital and core-banking infrastructure has been fully fired and monitored to prevent breech or any hostile cyber activity around the clock.
He directed the banks to nominate two dedicated senior officials identified at the headquarters, one to report all cyber-related matters and to ensure operations, including the functioning of bank branches and availability of cash in ATMs.
The statement said that both dedicated officers should report to certify/relevant agencies and DFS on any incident on real -time basis.
In this regard, it has been said, banks were asked to coordinate in real time with the Reserve Bank of India, Certificate and relevant government agencies to ensure strong and tight information exchange and response.
In relation to the insurance sector, the Finance Minister asked insurance companies to ensure timely claim settlements and uninterrupted customer service.
N Sitarman also stated that sponsor banks should ensure that RRBs are well supported during these times and are handed by hand for any issue they are facing.
(Except for the headline, the story has not been edited by NDTV employees and is published by a syndicated feed.)
