All Scheduled Commercial Banks
(including PRBs)

Dear Sir,

Please refer to paragraph 57 of the statement on "Mid Term Review of Monetary and Credit Policy for the year 1999-2000" enclosed to Governor's circular MPD.BC.190/07. 01.279/99-2000 dated 29^th October 1999.

We advise that in conformity with the international practices as a part of contingency plan for year 2000 (Y2K) preparations, it has been decided that all scheduled commercial banks, including RRBs, shall remain closed for public transactions on 1^st January 2000. Banks, however, should be kept open on that day for staff members so that continuity of business operations in the year 2000 context could be checked. Due and sufficient notice may be given to all the parties concerned who are likely to be affected by the closure to avoid any risk or liability in regard to non-performance of your obligations to be met on 1^st January 2000.

A Directive DBOD No.BC.116/09.11.001/99-2000 dated 30th October 1999 regarding observence of 1^st January 2000 as holiday for public transactions, is enclosed.

Please acknowledge receipt.

Yours faithfully,
(Devaki Muthukrishnan)
General Manager