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August 2, 1999
Most banks, financial institutions are Y2K readyAll commercial banks, non-banking subsidiaries, financial institutions and primary and satellite dealers, with the exception of a few, have been found Y2K compliant.
This was declared at a high-level working group of the Reserve Bank of India that met in Bombay recently.
It reviewed contingency plans of 95 commercial banks and recommended that they have dry runs of the plans in simulated environment and ensure availability of resource persons and vendors during the transition period.
The committee felt that banks would have to also ensure that the recovery plans of their main systems are in place in the event of failure so as to cut the duration to operate contingency plans to the minimum.
At the meeting, there were special invitees from institutions like the Industrial Development Bank of India, Life Insurance Corporation, Securities and Exchange Board of India and the National Bank for Agriculture and Rural Development. They apprised members of their contingency plans in a simulated environment.
The meeting also considered the proposal of declaring January 1 and 3 as exceptional holidays for the purpose of Y2K preparatory arrangements but felt that such a declaration would come in the way of smooth transition to the next millennium.
It was felt that the infrastructure and corporate sectors should disseminate information on their Y2K preparedness as widely as possible to further the confidence in their businesses.
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