Banks assure Finance Minister of cybersecurity preparedness in light of tensions with Pakistan-OxBig News Network

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman. File
| Photo Credit: PIB via PTI

Amidst the unfolding security concerns arising from tensions at the border with Pakistan, Finance Minister Nirmala Sitharaman on Friday (May 9, 2025) chaired a meeting to review the cybersecurity preparedness of India’s financial institutions.

During the meeting, she instructed all banks to coordinate with the Reserve Bank of India (RBI) and CERT-In to ensure quick responses in the event of a cyberattack.

Also read: Operation Sindoor updates on May 9, 2025

Ms. Sitharaman also instructed banks to designate two dedicated senior officials at the headquarters — one for reporting all cyber-related incidents, and the other to ensure operational matters, including the functioning of bank branches and the availability of cash in ATMs. 

Both officers are to report any incident to CERT-In or the relevant agencies and the Department of Financial Services (DFS) “on a real-time basis”.

The meeting was attended by the managing directors and CEOs of public and private sector banks and insurance companies, apart from senior officials from DFS, CERT-In, RBI, the Insurance Regulatory and Development Authority of India (IRDAI) and National Payments Corporation of India.

According to an official release, the bank officials informed Ms. Sitharaman that anti-DDoS (Distributed Denial-of-Service) systems have been implemented by banks to protect against massive cyber-attacks. Mock drills have also been held encompassing cybersecurity and disaster recovery scenarios “at the highest levels”. 

The bank officials further said that their Security Operations Centre and Network Operations Centres are “fully operational and on high alert” and are coordinating closely with CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC).

Ms. Sitharaman directed all the banks to ensure that they can deal with “any eventuality or crisis” to ensure uninterrupted services across the country, especially in border areas. She further said that priority must be given to “seamless cash availability at ATMs, uninterrupted UPI and internet banking services, and continued access to essential banking facilities”.

She further directed the insurance companies to make sure claims are settled in a timely manner, and that sponsor banks must ensure that regional rural banks (RRBs) are also supported and helped during these times.