Finance Minister Nirmala Sitharaman asked all banks on Friday to be fully alert and prepared to deal with any unforeseen event or crisis. She emphasized the importance of ensuring continuous access to banking and financial services for citizens throughout the country and across borders in the face of ongoing tensions.
In the midst of border tensions, the finance minister met with the CEOs and managing directors of state-run banks and insurance companies and said that both digital and physical banking services must run smoothly and uninterrupted. To be ready for anything, she insisted on testing and updating emergency procedures.
In light of growing geopolitical tensions and difficulties, she also underlined the role that the banking and financial industries play in preserving economic stability. FM expressed deep concern for the safety of bank employees and their families working at border branches. She directed banks to ensure adequate security by effectively collaborating with security agencies.
FM urged banks to ensure that citizens and businesses are not harmed under any circumstances. An official statement issued following the meeting stated that priority must be given to seamless cash availability at ATMs, uninterrupted UPI and internet banking services, and continued access to essential banking facilities.
Sitharaman also directed banks to perform regular audits of their cybersecurity systems and data centers. She emphasized that all digital and core banking infrastructure should be completely firewalled and monitored around the clock to prevent breaches.
FM directed banks to designate two dedicated senior officials at their headquarters: one to report all cyber-related matters and the other to ensure operational matters, such as the operation of bank branches and the availability of cash at ATMs.
