Appropriately, this should be enshrined in Information Technology Act; otherwise, again there will be overlapping jurisdictions, which is best avoided. The Committee observes that “banking as an activity is separate from payments, which is more of a technology business”. I beg to differ.
10  Washington Mutual, the largest S&L institution in the United States, was seized by the FDIC and sold to JPMorgan Chase. At the same time, negotiations on the TARP rescue package stalled in the US Congress.