Seamless Cash At ATMs & Uninterrupted UPI: Sitharaman's Orders To Banks Amid Border Tensions
Last Updated:
The Finance Minister also directed insurance companies to ensure timely claim settlements and uninterrupted customer service.
In light of the ongoing border tensions, FM Nirmala Sitharaman urged banks to prioritise seamless cash availability at ATMs, uninterrupted UPI and internet banking services, and continuous access to essential banking facilities. Regular audits of cybersecurity systems and data centres were mandated to ensure all digital and core banking infrastructure is firewalled and monitored round the clock to prevent breaches.
During the meeting, Sitharaman emphasized the crucial role of the banking and financial sector in maintaining economic stability during these challenging times. She directed all banks to remain fully alert and prepared to handle any crisis, ensuring uninterrupted banking and financial services, particularly in border areas. Both physical and digital banking services must function seamlessly, with emergency protocols updated and tested regularly.
The Managing Directors and CEOs of banks and insurance companies have updated Sitharaman on the measures being taken to ensure stability and security.
Cybersecurity Enhancements Across Banking System
Bank MDs and CEOs reported significant reinforcement of cybersecurity measures across the banking system. Banks have implemented Anti-DDoS systems to defend against large-scale cyber-attacks. To ensure readiness, high-level mock drills covering cybersecurity and disaster recovery scenarios have been conducted. Banks are also actively monitoring phishing attempts and have issued multiple internal alerts to staff to enhance awareness.
Bank officials confirmed that their Security Operations Centre (SOC) and Network Operations Centres are fully operational and on high alert. These centres are closely coordinating with CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC) for real-time data sharing and threat monitoring.
Banks were instructed to designate two senior officials at headquarters—one for reporting cyber-related matters and the other for operational issues, including the functioning of bank branches and ATM cash availability. These officers should report incidents to CERT-In and relevant agencies in real-time. Additionally, banks were asked to coordinate with the Reserve Bank of India, CERT-In, and government agencies for robust and agile information exchange and response.
Insurance Companies
The Finance Minister also directed insurance companies to ensure timely claim settlements and uninterrupted customer service.
Support for RRBs
Sitharaman stressed that Sponsor Banks should support Regional Rural Banks (RRBs) during these times, assisting them with any issues they face.
First Published:
May 09, 2025, 19:21 IST
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
6 hours ago
- Time of India
Buying a 2-wheeler in '26? Govt makes two helmets & this feature mandatory: Details
Govt makes two helmets & ABS mandatory from 2026. Starting January 2026, every new two-wheeler sold in India will need to come with Anti-lock Braking Systems (ABS), no matter the engine size. Furthermore, dealerships will also have to provide two BIS-certified helmets with each vehicle, one for the rider and one for the pillion. This was announced recently by the Ministry of Road Transport and Highways as part of its push to improve road safety. Right now, only bikes above 125cc are legally required to have ABS. Smaller two-wheelers are fitted with Combined Braking Systems (CBS) instead. With the new rule, even budget scooters and motorcycles will get ABS by default, offering better safety for all riders. Why is ABS important? But what is ABS and why is it important? Anti-lock Braking System is a feature that keeps your wheels from locking up during sudden braking. It helps maintain grip and control, especially on wet or uneven roads. Without ABS, a hard brake could send the bike sliding or flipping. With it, the system adjusts the brake pressure automatically, reducing the risk of a fall. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Royal Enfield Classic 650 Review: An Icon Just Got Bigger! | TOI Auto While the move will boost safety, it may also increase the price of some two-wheelers, especially entry-level bikes under 125cc. The extra cost of ABS hardware and two certified helmets could push up prices by a few thousand rupees. Speaking on the new helmet rule, Rajeev Kapur, MD of Steelbird Helmets and President of the Two-Wheeler Helmet Manufacturers Association of India, said: "With this regulation, approximately four crore BIS-certified helmets will now reach Indian roads every year, directly benefiting both riders and pillion riders. This will drastically reduce the circulation of substandard or fake helmets, which were previously being distributed by some showroom owners. Now, with OEMs mandated to supply genuine Real BIS-certified helmets, such unethical practices will be eliminated."
Time of India
8 hours ago
- Time of India
Granules India shares in focus after US FDA flags observation at Telangana API facility
Live Events Granules India share price target (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shares of Granules India will be in focus on Monday after the company announced that its active pharmaceutical ingredient (API) facility in Telangana has received an observation from the US Food and Drug Administration (FDA) under Form a stock exchange filing, Granules India said the FDA completed an inspection at its API Unit-1 facility in Bonthapally, Sangareddy district, last to the FDA, Form 483 observations are issued when investigators observe practices or conditions that may potentially violate the Food, Drug and Cosmetic Act. However, a Form 483 does not constitute a final determination of non-compliance by the India said it will respond to the observation within the stipulated Bonthapally site is Granules India's largest API manufacturing facility for paracetamol. It also houses production units for Metformin and Guaifenesin APIs, the company to Trendlyne, the average analyst target price for Granules India is Rs 622, indicating an upside potential of about 28% from current levels. Of the 8 analysts tracking the stock, the consensus rating is 'Strong Buy'.On the technical front, the Relative Strength Index (RSI) stands at 40.4, suggesting neutral to slightly bearish momentum. The stock continues to trade below its 20-day, 50-day, 100-day, and 200-day simple moving averages (SMAs), indicating continued India shares have declined around 19% year-to-date, but the stock has delivered a 66% return over the past two years. The company's market capitalisation currently stands at approximately Rs 11,808 crore.: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
Hindustan Times
11 hours ago
- Hindustan Times
Centre shelves ₹8,000-crore greenfield cities mega scheme
The Union government has shelved the scheme to incubate eight new cities, as recommended by the 15th Finance Commission (FC), according to senior government officials. A senior official at the Union ministry of housing and urban affairs (MoHUA), on condition of anonymity, said that ₹ 8,000 crore allotted for the scheme will now be subsumed under another new scheme. Lavasa city in Maharashtra. (HT Archive) A second official said that this new scheme may be designed based on ongoing deliberations between the ministry, NITI Aayog, and the Asian Development Bank (ADB) for infrastructure upgrades in smaller cities with a population of up to 100,000, as per the 2011 Census. The decision to shelve the greenfield cities plan came after the Union government already received 26 proposals, including one for Ayodhya in Uttar Pradesh, Jagiroad in Assam, GIFT City expansion in Gujarat, Jabalpur Extension in Madhya Pradesh, Virul and Sawargaon Mal in Maharashtra, among others. In many of these cities, the state governments had already started making investments of their own. Subsequently, after a second nudge, two more proposals from northeastern states were also received by MoHUA, according to a reply in the Parliament in December 2024. The second government official said the decision to put the FC's proposed idea on the back-burner came from the Prime Minister's Office (PMO). The official said the PMO's decision was based on presentations made by interministerial groups along with the NITI Aayog and other stakeholders as part of preparatory meetings for the 100-day agenda of the new government in the first half of 2024. This official said that instead of going for greenfield cities, the PMO has called for efficient investments in existing organic cities as the next 'growth hubs' rather than developing new 'cities from scratch'. The first official quoted above said that for the current financial year, the Centre is promoting planned greenfield townships through the Centre's Special Assistance to States for Capital Investment (SASCI) programme. SASCI provides 50-year interest-free loans for capital investment projects based on the adoption of reforms across sectors, including urban development, advocated by the Centre. Townships typically are a planned self-contained primarily residential development that can act as a mini-city but planned as an expansion of an existing city in rural areas or as an add-on to large industrial belts. While MoHUA is still framing the contours of the marquee ₹ 100,000 crore 'urban challenge' scheme, as mentioned by finance minister Nirmala Sitharaman in her budget speech, the official said it is likely to target smaller cities, and not the Capital or other large cities. 'So far, it has been decided that smaller cities and even towns with a population between 50,000 and 100,000 (will be considered),' the official said, adding that while bigger cities can be the 'growth hubs', the smaller sub-100,000 cities will be covered so that their basic infrastructure can be upgraded. The FC, in its report tabled in the Parliament in 2021, had recommended the eight new cities to address a host of challenges faced by urbanisation in India, such as to alleviate the population burden on existing mega cities and check the haphazard growth at city peripheries, as is the case with most Indian cities. A report in 2022 by the Niti Aayog and ADB said that even though cities occupy only about 3% of India's land area, they contribute to around 60% of the GDP. 'Focus on peri-urban' 'City economies aren't confined to municipal limits; peri-urban areas are increasingly driving urban GDP, especially around large cities where much of the recent growth has occurred in an ad hoc manner,' Jaya Dhindaw, executive programme director of sustainable cities and director, WRI India Ross Centre, said. She emphasised that to sustain this momentum, priority must be given to planning and investing in areas beyond city boundaries, with integrated infrastructure and services. She said, 'Governance in these transitional zones—whether under gram panchayats or small-town municipalities—needs to be reimagined with clear frameworks agreed upon by states and the Centre.' She added that attention must also turn to Tier-II and Tier-III cities, both of which demand a tailored approach. 'In large cities, the focus should be on improving livability for all. In smaller cities, we must prioritise access to education, skilling, capacity building, and improving the quality and availability of basic services and amenities.' For this to work, she stressed, states must have the flexibility to identify their priorities to enable balanced regional growth, while the Centre should play an enabling role by establishing standards. Artificial cities not for India Another urban planning expert, Rutul Joshi, professor of urban planning at CEPT University, Ahmedabad, said the decision to do away with the idea of greenfield cities is a 'good idea' as cities are not just townships but economic agglomerations. 'People move to cities as there are jobs there and not the other way around. Historically, the idea of creating artificial cities has not worked well, be it when the government does it or the private sector,' he said, citing the examples of 'ghost city' Lavasa in Maharashtra, GIFT City, or even Gandhinagar in Gujarat, which was made the state capital in 1970. The experience has been no different in Naya Raipur (Atal Nagar), Chhattisgarh. It was planned to be the largest greenfield city at the turn of the millennium, but it has failed to take off. While the target was to have 560,000 residents by 2031, the population has stagnated well short of 100,000 by 2025. Densify city core Joshi said governments in India (Centre and states) should respect the market momentum and focus on densification of city cores, which have traditionally been hollow, rather than building things from scratch. 'This is the right time to create enabling instruments for re-densification and renewal of the building stock in the big cities and limit the growth at peripheries. All global cities have done this at some point in time, be it London or Hong Kong.' Stating the example of the national capital Delhi, Joshi said that even if the Luytens' Bungalow Zone is kept out of this due to political and security reasons, multiple areas near public transit in south Delhi can be densified with Transit-Oriented Development (TOD) principles to maximise the benefits of investments made for the metro network and make urbanisation efficient at large. Redevelop existing cities R Srinivas, former town planner at the country and town planner with MoHUA said that in 2018-19, MoHUA, as part of a sub-scheme of the flagship AMRUT mission, had introduced a local area planning/town planning scheme pilot covering 25 cities across the country with a total outlay of ₹ 50 crore for brownfield development. 'Among them, only Indore is a prominent city that worked on brownfield development and Chennai is currently doing so in the George Town area.' For these to work, the states were advised to revise their town and country planning acts, and many states are yet to implement the necessary legal changes, he added. While Delhi was left out of MoHUA's plan, the Municipal Corporation of Delhi (MCD) prepared more than 30 Local Area Plans (LAPs), but the Delhi Development Authority (DDA) Act did not allow for that, which meant the plans remained as an advisory only. 'In 2017-18, a committee was formed under the then DDA chairman Madhukar Gupta, which also recommended the changes in the DDA Act, but MoHUA did not act to revise the law.'
