While most banks now use local area networks, centralized links with branches are still a far cry, as anyone trying to cash a cheque outside the capital city quickly discovers. Outstation cheques, as they are called, cannot be cashed for a month and the large roll-over period is taken advantage of by unscrupulous bankers who have been known to use the funds for quick speculation in the stock markets. Policies will be correctly issued to customers. There will be no business interruption on the internal working of the industry,'' a government spokesman said. At least some of the credit must go to the trade unions in the insurance and banking sectors for fiercely resisting computerization and possible redundancies of their members.
Nobody is therefore in any real danger of losing an insurance policy or a paycheck.
But the government, again as a matter of abundant caution, has ordered disbursal of salaries by December 24. As for India's 22 atomic power facilities, of which 10 produce electricity, complete readiness is expected by the end of the month although the latest review on October 10 has already certified full compliance. Another area of public anxiety are stock exchanges but brokers have been warned that their terminals will be disconnected unless they prove compliance to the Securities and Exchange Board of India by the end of November. All stock exchanges have been ordered to conduct mock trading and settlement on January 1, although the day is traditionally a holiday. Besides, intermediaries have been ordered to maintain hard copies of all transactions. ''Let's show the world that we are Y2K ready,'' the television advertisements say.