The central bank is also coordinating with the central government and the ministries of finance, power, telecom and also service providers to address the problem of Y2K in embedded systems for use in these sectors.

The RBI has adopted a two-pronged approach to tackle the Y2K problem. It is taking steps to ensure that its own computers and information technology systems are millenium compliant and initiating measures to monitor and guide the banks and participants in the financial system to achieve Y2K compliance.

Representatives from banks, the Indian Banks Association (IBA), National Institute of Bank Management (NIBM) and heads of the regulatory and supervisory departments of the RBI are part of the workinggroup.

The working group will guide the users through all the steps that are required to be followed in achieving Y2K compliance and will provide information on the solutions that are available in the market. The RBI had earlier circulated a questionnaire to all its offices and banks and financial institutions asking them to report on the current status and the levels of preparedness.

The working group is currently monitoring the compliance through regular bi-monthly reviews and reports received from various users. In this regard, the department of banking supervision has laid down the broad approach which includes compilation of the inventory of computers, scoping and impact analysis and prescription for repair, replacement and retirement.

A close watch is also being kept by prescribing regular returns from the institutions, monitoring the compliance during inspections and also asking the board of directors of banks to periodically review the progress.

A core group set up within the RBI iscoordinating with the IBA and chambers of commerce and other associations and bodies for addressing the Y2K problem in case of banks, financial institutions and non-banking finance companies (NBFCs). To address the Y2K compliance of hardware and software within the central bank, complete data on computers in use within the RBI and those interfacing with other banks and financial institutions are being compiled by the department of information technology. The RBI is taking all efforts to see that all computers are Y2K compliant by December, 1998.