Finance Ministry Pushes PSBs to Fortify Cybersecurity Amid Growing Frauds

The finance ministry has urged public sector banks (PSBs) to align their cybersecurity frameworks with industry best practices to safeguard against cyber frauds. A recent review meeting emphasized the need to accelerate lending to agriculture and MSMEs, reinforce digital innovations, and expand financial inclusion initiatives.

Amid increasing instances of cyber fraud, the finance ministry has called on public sector banks (PSBs) to enhance their cybersecurity measures in accordance with industry best practices, prioritizing customer protection and operational continuity.

The Department of Financial Services (DFS) Secretary M Nagaraju chaired a review meeting discussing the robustness of PSBs and addressing key challenges related to financial performance, cyber resilience, and digital payments infrastructure.

PSBs were encouraged to boost agricultural and MSME lending, expand financial inclusion, and improve the mobilization of CASA deposits to achieve sustainable credit growth, alongside advancing digital innovation and responsible banking for a better customer experience.

(With inputs from agencies.)