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FM stresses the need to adopt proactive cybersecurity measures & implement stringent security protocols to ensure integrity of domestic financial systems

Last Updated: Dec 31, 2023

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Finance Minister Nirmala Sitharaman emphasised the importance of collaboration between banks, security agencies, regulatory bodies and technology experts to create a more resilient financial ecosystem. In New Delhi yesterday, chairing the review meeting with Public Sector Banks (PSBs), Ms. Sitharaman directed the National Asset Reconstruction Company and Public Sector Banks (PSB) to closely coordinate to expedite the onboarding of stressed accounts. Expressing satisfaction at the improved performance of the Public Sector Banks, the Minister further directed PSBs to concentrate on fraud prevention activities. The Minister instructed the PSBs to undertake consumer education measures for protection from fraud. In a bid to ensure responsible lending practices across the board, Ms. Sitharaman called upon PSBs to enhance due diligence before loan disbursement.

The Finance Minister stressed the need to adopt proactive cybersecurity measures and implement stringent security protocols to ensure the integrity of domestic financial systems.

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