Reserve Bank of India
Department of Banking Supervision
Central Office - Y2K Project Cell Year 2000 (Y2K) Problem - Independent Assessment of Compliance In terms of our circular DBS.Y2K.BC/ 3 /35.01.00/1999-2000 dated July 17, 1999, banks were advised to carry out independent assessment in respect of their computerised branches in metropolitan centres, particularly, Clearing and Treasury branches. In view of the complexities of the issues involved in Y2K, it was felt that such independent verification will clearly enhance comfort levels both within the institution and the financial system as well by providing an additional tier of assurance. However, some of the banks have carried out such an audit through internal audit teams independently. In case a bank chooses to have the independent assessment carried out by internal teams, it is expected to make an appropriate disclosure to this effect including the rationale for confining itself to in-house assessment while making media disclosures contemplated in our circular DBS.No.Y2K.BC /50/ 35.01.00/98-99 dated May 21, 1999. At the meeting of the High Level Working Group on Y2K Issues (Chairman: Shri S P Talwar, Deputy Governor) held on November 1, 1999, it was decided that an update will be displayed on the RBI website on individual bank's type of compliance with the independent assessment requirement. Accordingly the names of banks that have reported completion of independent asessment of their Y2K compliance are listed in Annexure I. The names of banks which have reported that they are in the process of independent assessment of Y2K compliance are listed in Annexure II. ANNEXURE I Names of Banks Reporting Completion of Independent Assessment of Y2K Compliance Sr. No | Name of Bank | | 1 | ABN-AMRO Bank | | 2 | American Express Bank | | 3 | ANZ Grindlays Bank | # | 4 | Arab Bangladesh Bank | | 5 | Bank of America | | 6 | Bank of Nova Scotia | # | 7 | Barclays Bank PLC | # | 8 | Citi Bank | | 9 | Commerzbank | | 10 | Credit Agricole Indosuez | | 11 | Credit Lyonnais | | 12 | DBS Bank | | 13 | Dresdner Bank | | 14 | Duetsche Bank | | 15 | Fuji Bank | | 16 | KBC Bank | # | 17 | Krung Thai Bank Plc Ltd | | 18 | Mashreq Bank | | 19 | Oman International Bank | | 20 | Overseas Chinese Banking Corporation | | 21 | Sakura Bank | | 22 | Sanwa Bank | | 23 | Societe Generale | # | 24 | Sonali Bank | | 25 | Standard Chartered Bank | # | 26 | State Bank of Mauritius | | 27 | Bank of Madura | | 28 | Bank of Rajasthan | | 29 | Benares State Bank Ltd | | 30 | Bharat Overseas Bank | | 31 | Catholic Syrian Bank Ltd | | 32 | City Union Bank Ltd | | 33 | Federal Bank Ltd | | 34 | Karnataka Bank Ltd | | 35 | Karur Vysya Bank Ltd | | 36 | Lakshmi Vilas Bank Ltd | | 37 | South Indian Bank Ltd | | 38 | United Western Bank | | 39 | Bank of Punjab Ltd | | 40 | Centurion Bank Ltd | | 41 | Global Trust Bank Ltd | | 42 | HDFC Bank Ltd | | 43 | IDBI Bank Ltd | | 44 | SBICI Ltd | | 45 | Andhra Bank | | 46 | Bank of Baroda | | 47 | Bank of India | | 48 | Bank of Maharashtra | | 49 | Central Bank of India | | 50 | Dena Bank | | 51 | Indian Bank | | 52 | Oriental Bank of Commerce | | 53 | Punjab National Bank | | 54 | State Bank of Bikaner & Jaipur | | 55 | State Bank of Indore | | 56 | State Bank of Travancore | | 57 | Syndicate Bank | | 58 | Union Bank of India | | 59 | Vijaya Bank | |
# Banks which have chosen to have the independent assessment carried out by internal teams. ANNEXURE II Names of Banks which are in the Process of Independent Assessment of Compliance Sr. No | Name of Bank | | | | | | 1 | Bank International Indonesia | | 2 | Bank of Ceylon | | 3 | China Trust Commercial Bank | | 4 | HSBC | | 5 | ING Bank | | 6 | Ratnakar Bank Ltd | | 7 | Vysya Bank Ltd | | 8 | Indusind Bank Ltd | | 9 | ICICI Banking Corporation Ltd | | 10 | Times Bank Ltd | | 11 | UTI Bank | | 12 | Allahabad Bank | | 13 | Canara Bank | | 14 | Corporation Bank | | 15 | Indian Overseas Bank | | 16 | UCO Bank | | 17 | United Bank of India | | 18 | State Bank of Hyderabad | | 19 | State Bank of India | | 20 | State Bank of Mysore | | 21 | State Bank of Patiala | | 22 | State Bank of Saurashtra | |
N.B: The information provided in Annexure I and II are based on the reports received from individual banks. |