In a world of financial institutions with a presence in many lines of business crossing national boundaries, obtaining such information, developing cogent analyses, and deciding on a course of action in a crisis requires widespread cooperation among many disparate agencies. Moreover, I should note that, even for possible bank-centric crises, the financial landscape in the United States has changed.
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.