FM Sitharaman asks banks to remain fully alert

Amid escalating tensions between India and Pakistan, Union Finance Minister Nirmala Sitharaman on Friday directed banks and financial institutions to remain fully alert and prepared to tackle any potential crisis or disruption. The high-level advisory came during an urgent meeting with top executives from the financial services sector to assess operational and cybersecurity resilience.
The Finance Ministry convened a meeting with managing directors and CEOs of major public and private sector banks, insurance companies, and key regulatory and technology bodies including the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), National Payments Corporation of India (NPCI), and the Indian Computer Emergency Response Team (CERT-In).
According to an official statement, the meeting aimed to review the banking sector’s readiness in ensuring uninterrupted service delivery, particularly in digital banking platforms such as internet banking and UPI. The Finance Minister stressed that the public must continue to have seamless access to both physical and digital banking services, even in areas that could be affected by the unfolding geopolitical situation.
Sitharaman emphasized the importance of operational continuity and the need for updated and well-tested emergency protocols. “Banking services, both physical and digital, must function without disruption and glitches,” the minister stated, adding that contingency systems should be on standby to tackle unforeseen scenarios.The Finance Ministry further directed banks to strengthen coordination mechanisms with the RBI, CERT-In, and other relevant agencies to ensure real-time communication and swift incident response.

(Business Correspondent)