FM asks banks to ensure uninterrupted services

NEW DELHI: Finance minister Nirmala Sitharaman on Friday asked all banks to remain fully alert and prepared to deal with any eventuality or crisis. She emphasised the need to ensure uninterrupted access to banking and financial services for citizens across the country and border areas against the backdrop of ongoing tensions.

The finance minister, who met managing directors and CEOs of state-run banks and insurance companies amidst concerns arising from tensions at the border, stated that banking services - both physical and digital - must function without disruption and glitches. She insisted that emergency protocols should be updated and tested to handle any contingencies.

She also stressed the critical role of the banking and financial sector in ensuring economic stability during heightened geopolitical tensions and challenging times. FM expressed deep concern about the safety of bank employees and their families working at branches around the border areas. She directed banks to ensure their adequate safety by effectively coordinating with security agencies.

FM asked banks to 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, an official statement said after the meeting.

Sitharaman also directed banks to conduct regular audits of their cybersecurity systems and data centres. She emphasised that all digital and core banking infrastructure should be fully firewalled and monitored round the clock to prevent breaches.

FM instructed banks to designate two dedicated senior officials 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.