On 9th May, 2025 Finance Minister Nirmala Sitharaman held a meeting to review the cybersecurity readiness of banks and financial institutions. The goal is to make sure that these institutions have strong systems in place to protect people’s money and personal information from cyberattacks. This meeting was held as there is high concern about possible cyber attacks targeting India’s critical infrastructure due to rising tensions at the India-Pakistan border.
This meeting was attended by –
– Representatives from public and private sector banks
– Officials from the Reserve Bank of India (RBI)
– Members of the National Payments Corporation of India (NPCI)
– Leaders from stock exchanges such as NSE and BSE
– Experts from the Indian Computer Emergency Response Team (CERT-In)
Key Instructions from the Finance Minister:
Cybersecurity & Operations-
Finance Minister asked banks to must appoint two senior officials at their headquarters. One to handle cybersecurity and one to handle operational matters like ATM cash and branch services. These officials must report incidents quickly to CERT-In, DFS, and other authorities.
Customer Service
FM asked banks to ensure uninterrupted banking services, even in remote and border areas. Provide seamless ATM cash, UPI, and internet banking services. Insurance companies must process claims on time and maintain customer support.
Safety of Bank Employees
FM asked banks to ensure the safety of staff and their families in border areas by working with security agencies.
Cybersecurity Measures
Banks are advised to regularly inspect their computer systems to find and fix any security issues. Make sure all banking systems are protected and monitored 24/7. Banks need to keep disaster recovery and emergency plans updated and tested.
Summary of Reports Provided by Banks and Insurance Companies:
– Banks and Insurance Companies said that they are prepared to handle cyber threats, including from Pakistani hackers.
– Mock drills for cyberattacks and recovery have already been conducted.
– Banks have anti-DDoS systems in place.
– Their Security Operation Centres (SOCs) are on high alert and working with CERT-In and NCIIPC (National Critical Information Infrastructure Protection Centre)
After Operation Sindoor, India’s key sectors—power, banking, and telecom—were placed on high alert due to increased cyber attack attempts. Some DDoS (Distributed Denial of Service) attacks were reported, but officials say they were contained. Social media was flooded with misinformation after the strikes. The government is using its powers to block content/accounts spreading fake news. The government said that the banking and financial system is strong and secure. The government is committed to both national security and economic stability.