As if there isn't enough uncertainty about Y2K, computer virus experts advise extra care to inoculate before the century turns, lest a virus take advantage of Y2K chaos. A millennium virus may go unnoticed in the Y2K confusion. A virus set to activate as the calendar rolls over might cause damage that people will blame on Y2K, which would allow the virus to spread more quickly, say some experts. The IT task force was set up by the Hon'ble Prime Minister, Government of India, with regard to Year 2000 problem. As per report Year 2000 Preparedness in the Banking and Financial Sector published by Reserve Bank of India, Banks and Financial Institutions in India are well aware of the potential problems associated with the Year 2000.
Some banks do have mainframe computers for computing purposes.
As per status report, it is expected that most of the commercial banks are already Y2K compliant. One of the biggest problems that may defy a solution is the large number of systems with embedded chips in instrumentation, automation, production control, etc. As these are computer based operations depending upon ASIC or other software laden chips, any date problem hidden here can jeopardize the control and guidance systems, telemetry systems, factory and process automation systems, instrumentation and instrumentation systems, telecom systems, among others, calling for complete replacement of the chip or the system. As many of these equipment are imported and often source code does not come with it, the country is now facing a serious problem in making these equipment Y2k compliant. This may lead to unpredictable consequences from 2000.