IST to be mandatory time reference, govt asks banks, Sebi to discontinue using other systems

The Indian government is set to mandate Indian Standard Time (IST) for all official activities, aiming to eliminate reliance on foreign systems like GPS. This move, driven by cybersecurity concerns and past incidents, involves an indigenous timekeeping system developed by NPL and ISRO. The initiative promises enhanced security for digital transactions, accurate billing, and reduced cybercrime risks through synchronized timekeeping.