Remain fully alert to deal with any crisis: FM Nirmala Sitharaman to banks amid India-Pakistan tensions | Mint

Amid ongoing conflict with Pakistan, Union Finance Minister Nirmala Sitharaman on Friday asked banks to remain fully alert to deal with any crisis, and noted that the country’s banking and financial system remains robust and resilient.

Sitharaman made the remark during a high-level meeting with the managing directors and CEOs of public and private sector banks and insurance companies.

The FM reiterated that the Government of India is firmly committed to national security and economic stability.

Sitharaman directed banks to remain prepared to deal with any eventuality or crisis, ensuring uninterrupted access to banking and financial services for citizens across the country, especially in border areas.

“Banking services, both physical and digital, must function without disruption and glitches, and emergency protocols should be updated and tested to handle any arising contingencies,” the finance minister said.

Expressing concern about the safety of bank employees and their families working at branches around the border areas, the finance minister directed banks to ensure their adequate safety by effectively coordinating with the security agencies.

Senior officials from the Department of Financial Services (DFS), Ministry of Finance, CERT-In, RBI, IRDAI and NPCI attended the meeting that focused on reviewing the banking sector’s operational and cybersecurity preparedness, including digital applications such as internet banking and UPI, said the Ministry of Finance.

Sitharaman also directed insurance companies to ensure timely claim settlements and uninterrupted customer service.

What did FM Nirmala Sitharaman say?

— Ensure that citizens and businesses do not suffer under any circumstances.

— Priority must be given to seamless cash availability at ATMs, uninterrupted UPI and internet banking services, and continued access to essential banking facilities.

— Conduct regular audits of their cybersecurity systems and data centres.

— Ensure that all digital and core banking infrastructure is fully firewalled and monitored round the clock to prevent breaches or any hostile cyber activity.

— Designate two dedicated senior officials identified at the headquarters, one for reporting all cyber-related matters and the other to ensure operational matters, including the functioning of bank branches and the availability of cash in ATMs.

— Both dedicated officers should report any incident to CERT-In / relevant agencies and DFS on a real-time basis.

Meanwhile, reacting to Pakistan’s attack on Indian cities on Thursday night after Operation Sindoor, Foreign Secretary Vikram Misri said that Indian armed forces responded proportionately and adequately to Pakistan’s attempts to target Indian installations.

Pakistan sent 300-400 drones to 36 locations from Leh to Sir Creek last night to target Indian military installations, and the drones were shot down by the Indian military, said Wing Commander Vyomika Singh.