Amid escalating tensions between India and Pakistan, the Department of Financial Services (DFS) has asked banks to strengthen their internal systems to deal with any cybersecurity threats and ensure uninterrupted banking services. Banks have been asked to ensure sufficient availability of cash in their branches and ATMs, especially in the areas that are closer to the border.
On Wednesday, the Indian armed forces launched “Operation Sindoor” to strike various terror sites in Pakistan and Pakistan-occupied Kashmir, to avenge the Pahalgam terror attack. On Thursday evening, India’s air defence systems intercepted missiles and projectiles fired by Pakistan toward key border areas.
“A week back, we reviewed our position, as advised by the Department of Financial Services (DFS). We have strengthened our system. A quick response team (QRT), consisting of all the general managers of IT and operations and deputy general managers, has been established. One of the executive directors and I are also part of the team,” Canara Bank Managing Director and CEO, K Satyanarayana Raju, told The Indian Express.
He said the QRT is working 24×7 in shifts, with a top-level executive available throughout the day. They are regularly ensuring that bank’s branches are functioning properly and all ATMs have sufficient cash. “We are very much alert. A meeting is happening every day to review the situation. The QRT is keeping a close watch on any cybersecurity threat or any unwanted activities in our system,” he said.
Another state-run lender Union Bank of India said it has formed a proactive multi-layered defence strategy and it is continuously monitoring all the strategies. “Digital is a very important portfolio for us, and we are taking all measures. In view of the things that are happening around us, we are taking all precautions with regard to the digital initiatives and cyber security areas,” said Union Bank of India’s Managing Director and CEO A Manimekhalai.
Besides, banks are also ensuring adequate availability of cash at branches and ATMs to meet the likely increase in the demand for cash amid the prevailing uncertainty.
“We are closely monitoring the cash position in our ATMs as we don’t want to disturb our banking services, especially in border-level villages. We have been ensuring this since the last one week,” Canara Bank’s MD & CEO Raju said.
Story continues below this ad
Manimekhalai said the DFS has told the bank to maintain sufficient cash in ATMs and branches. “The economy has to keep going, and customer service also needs to be taken care,” she said.
She said the bank operates a state-of-the-art cyber security centre of excellence in Hyderabad and a 24×7 cyber security operation centre to enable real-time oversight and response to any kind of threats in the digital channels. The lender is also conducting a comprehensive awareness program to educate both staff and customers to ensure cyber preparedness and resilience at every level.