Govt Tells Banks To Report On Y2k Steps

The finance ministry has asked all public sector banks to provide it with a status report on measures taken to tackle the Year 2000 (Y2K) computer problem within a week. The banks have been instructed to accord the matter "top-most priority".

In a facsimile communication to heads of all public sector banks, the banking division of the ministry has stated, "The report should clearly indicate an inventory of hardware and software in Y2K compliance and the steps initiated to make it compliant."

"You may also indicate arrangements made within the bank to monitor the progress on the resolution of the Y2K problem," it added.

The Reserve Bank of India (RBI) too has expressed concern about the progress made by banks on the problem.

Last week, the RBI had asked banks to inform it of steps taken by them on a monthly basis, instead of on a quarterly basis, as was done earlier.

The RBI has also insisted that the boards of each bank should take interest in issues related to the Y2K problem.