MDs and CEOs from public and private sector banks, as well as insurance firms, and key officials from the Department of Financial Services (DFS), RBI, CERT-In, IRDAI, and NPCI attended the meeting.
With geopolitical tensions escalating along India’s borders, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chaired a high-level meeting on Friday to assess the preparedness of the banking and insurance sectors in addressing operational and cybersecurity risks.
The session brought together Managing Directors and Chief Executive Officers from public and private sector banks, as well as insurance firms, alongside key officials from the Department of Financial Services (DFS), RBI, CERT-In, IRDAI, and NPCI.
The discussions centred around ensuring robust protection of digital platforms such as UPI and internet banking, and maintaining uninterrupted access to banking services during a period of heightened alert.
👉 Union Minister for Finance and Corporate Affairs Smt. @nsitharaman chairs meeting to review banking sector's operational and cybersecurity preparedness, including digital applications such as internet banking and UPI
— Ministry of Finance (@FinMinIndia) May 9, 2025
👉 FM Smt. @nsitharaman directs all banks to remain fully… pic.twitter.com/X1OtHTS2m7
Cybersecurity Measures Intensified Across Financial Sector
Top executives from the banking sector briefed the Finance Minister on the series of defensive measures implemented to counter cyber threats. “To guarantee institutional readiness, mock drills have been held encompassing cybersecurity and disaster recovery scenarios at the highest levels. They apprised that phishing attempts are being actively watched, and staff members have received several internal alerts to increase awareness,” the finance ministry stated.
The deployment of Anti-DDoS (Distributed Denial-of-Service) systems has been expanded across the financial ecosystem to fend off potential large-scale attacks. Security Operations Centres (SOCs) and Network Operations Centres (NOCs) are reportedly functioning round-the-clock and are in constant coordination with CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC), allowing for real-time threat tracking and information sharing.
Sitharaman underlined the critical role of banks in upholding economic stability and urged them to adopt a proactive stance. “The FM directed all banks to remain fully alert and prepared to deal with any eventuality or crisis, ensuring uninterrupted access to banking & financial services for citizens across the country, especially in border areas,” the ministry’s statement said.
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Emergency Protocols, Employee Safety, and Service Continuity Stressed
The Finance Minister called for regular audits of core banking and cybersecurity infrastructure to ensure systems remain fortified and continuously monitored. Each bank was asked to appoint two senior officials at headquarters — one to oversee cyber-related incidents and the other to manage branch-level operations and cash logistics. These officers are to report incidents to CERT-In and the DFS in real time.
Expressing concern for banking staff stationed near conflict zones, Sitharaman directed banks to ensure the safety of employees and their families by working closely with security agencies. She further emphasised that service continuity must not be compromised, stating that “priority must be given to seamless cash availability at ATMs, uninterrupted Unified Payments Interface (UPI) and internet banking services, and continued access to essential banking facilities.”
Insurance companies were instructed to maintain uninterrupted customer service and process claims swiftly. The Finance Minister also asked sponsor banks to provide strong support to Regional Rural Banks (RRBs), particularly during these testing times.
Reiterating the government’s stance, Sitharaman said that the country’s banking and financial architecture remains stable and resilient. “The Government of India is firmly committed to national security and economic stability,” she said.
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