(Y2K) Problem - Independent Assessment of Compliance
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Year 2000 (Y2K) Problem - Independent Assessment of Compliance Reserve Bank of India Department of Banking Supervision Central Office - Y2K Project Cell 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..