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Concerned over the growing instances of cyber frauds, the finance ministry has asked public sector banks (PSBs) to align their digital and cybersecurity frameworks with industry best practices and ensure customer protection and operational continuity as top priorities. During a review meeting chaired by the Department of Financial Services (DFS) Secretary M Nagaraju, discussions were held on enhancing the robustness of PSBs, building on recent financial achievements, and addressing strategic challenges with key focus on financial performance indicators, assets and liabilities management, cyber resilience, and digital payments infrastructure. The secretary exhorted the PSBs to accelerate the pace of lending to agriculture and MSMEs as well as deepen financial inclusion. 

The finance ministry said PSBs were asked to continue strengthening their financial and operational frameworks, particularly in light of the evolving market dynamics and cyber security needs. During the meeting, the importance of enhancing the current account savings account (CASA) deposits was underlined, reinforcing the need for PSBs to mobilise CASA deposits so as to further accelerate the pace of sustainable credit growth.

It said PSBs were advised to align their digital and cybersecurity frameworks with best practices, ensuring that customer protection and operational continuity remain top priorities. Specific emphasis was placed on reinforcing credit support to MSMEs and streamlining customer onboarding processes through digital innovations.