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RBI plan to tackle Y2KMUMBAI: With barely 10 days left for the next millennium, the Reserve Bank of India RBI will be making hourly publ...

RBI plan to tackle Y2K
MUMBAI: With barely 10 days left for the next millennium, the Reserve Bank of India RBI will be making hourly public announcement during the night of December 31 as the operational systems of the central bank will cross over into the new millennium.

quot;As many as 77 banks have reported completion of third party testing by independent vendors and remaining were expected to complete well before the roll over to year 2000,quot; an RBI release issued in Mumbai on Tuesday said. While the entire computer system of RBI, banks and financial institutions are Y2K ready, the central bank has advised the banks and institutions to maintain adequate cash and if required, banks could draw cash from the currency chest bank or RBI issue offices. quot;Collateralised liquidity support has been extended to the banks by the RBI in case of need,quot; RBI said.

quot;Almost all commercial banks and the Indian Banks8217; Association IBA have reported that the account holders could obtain statement of accountsbefore January 1, 2000, from the branches of the banks any time, if desired. banks have been advised to maintain hard copies of all customers accounts right from December 1, 1999, as a precautionary measure,quot; the release added. An event management mechanism has been developed for reporting Y2K related issues during the transition by computerised branches to their controlling office and head office, informed a RBI press release.

Canbank MF to launch Cangilt PGS
MUMBAI: Canbank Mutual Fund is launching a dedicated Gilt scheme Cangilt PGS on December 22, 1999. The objective of the Cangilt scheme is to achieve risk free returns, except for interest rate risk while maintaining stability of returns and liquidity. The scheme is targeted at investors like provident, gratuity and super annuation funds, banks, financial institutions, corporate bodies, individuals and companies. Announcing the scheme at a press conference here today, the chairman of board of trustees of Canbank Mutual Fund Dr D MNanjundappa said that there is a need for the mutual fund industry to evolve dedicated schemes for rural masses in order to augment resources from the rural sector and provide higher returns to the rural investors.