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Informist, Friday, May 9, 2025

 

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--Source: At meet, RBI asked banks to ensure availability of cash in ATMs 
--Source: Bks, fincl cos prepared to manage ops amid conflict with Pakistan 
--Source: Meet was to ensure no hit to banking ops amid India-Pak conflict 
--CONTEXT: Fin min held meet to review banks' cybersecurity preparedness
--Source: All bks, fincl cos have set up war rooms as per standard procedure

 

NEW DELHI – Amid the ongoing conflict with Pakistan, Indian banks and financial institutions have set up war rooms, as per the standard operating procedure, said a person who met Finance Minister Nirmala Sitharaman on Friday to discuss the cybersecurity preparedness of banks and financial institutions. The Reserve Bank of India had asked banks to ensure availability of cash at all automated teller machines across India, the person said.

Sitharaman held the meeting with officials from the ministry as well as the industry in New Delhi. The agenda of the meeting was to make sure banking operations are not affected during the conflict, the person said. 

 

Overall, Indian banks and financial institutions are well prepared to manage business smoothly, the person added. In the latest escalation of conflicts, Pakistan armed forces Thursday night fired 300-400 drones at 36 locations along the western border from Leh in Ladakh to Sir Creek in Gujarat, targeting Indian military installations. 

 

Later, in a press release, the finane ministry also said that bank officials informed Sitharaman their Security Operations Centre and Network Operations Centres were fully operational and on high alert. These centres are coordinating closely with Indian Computer Emergency Response Team and the National Critical Information Infrastructure Protection Centre, facilitating real-time data sharing and threat monitoring, the ministry said.

 

Bank officials told that they have implemented Anti-Distributed Denial-of-Service systems to protect against massive cyber-attacks. "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 release said. 

 

Sitharaman directed banks to conduct regular audits of their cybersecurity systems and data centres and ensure that all digital and core banking infrastructure is fully firewalled and monitored round the clock to prevent breaches or any hostile cyber activity. She also instructed them to 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. 

 

Sponsor banks should provide support to regional rural banks and hand-hold them for any issues that they faced, Sitharaman said at the meeting. Besides, insurance companies must also ensure timely claim settlements and uninterrupted customer service, Sitharaman said.  End

 

Reported by Krity Ambey

Edited by Akul Nishant Akhoury

 

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