Summary Station

The new comprehensive master direction on information technology governance, risk, controls and assurance practices to be implemented by  Regulated entities (REs)  comprising of scheduled commercial banks (excluding regional rural banks); small finance banks; payments banks; NBFCs in top, upper and middle layers; all India financial institutions and credit information companies effective from 1st April 2024 shall facilitate the easy administration of IT and cyber governance and compliance, in place of the prevalent multiple circulars. REs shall facilitate the easy administration of IT and cyber governance and compliance, in place of the prevalent multiple circulars In the case of foreign banks, the directions state that they shall be subject to a ‘comply or explain’ approach in terms of the applicability of these Directions and they do not need to constitute any Committees (Board or Executive level) referred in this Master Direction at the branch level. They have been given th...

Bitcoin has experienced a remarkable surge, surpassing the $40,000 mark and achieving its highest level since April 2022. This notable upswing can be attributed to a confluence of factors, with optimism surrounding potential US interest rate cuts and the anticipation of the approval of US stock market-traded bitcoin funds playing pivotal roles. Bitcoin price crossses $40,000 for the first time since April 2022. On Monday, Bitcoin reached an impressive $41,522, signaling a significant reversal from the challenges faced by the cryptocurrency markets throughout 2022. Justin d’Anethan, Head of Business Development for Asia-Pacific at Keyrock, a digital assets market-making firm, noted that the recent 50% rally in Bitcoin’s price since mid-October represents a decisive shift away from the bearish trend observed in 2022 and early 2023. D’Anethan pointed out that evidence of institutional buying in November has reignited interest in Bitcoin. Despite the possibility of potential reversals, the...