While most banks now use local area networks, centralised links with branches are still a far cry as anyone trying to cash a cheque in major towns neighbouring the capital city such as Ghaziabad or Gurgaon quickly discover. Outstation cheques, as they are called, cannot be cashed inside of 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 which fiercely resist computerisation and possible redundancies of their members.
Nobody is therefore in any real danger of losing an insurance policy or a paycheque.
But the government, again as a matter of abundant caution, has ordered disbursal of salaries by Dec. 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 Oct. 10 has already certified full compliance. All stock exchanges have been have been ordered to conduct mock trading and settlement on Jan 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. And so whether there was indeed a problem or not in the first place, India will be ready.