The Central Bank of Russian Federation made an announcement stating that it may withdraw the licenses of Russian private banks which will not prepare their computer facilities for the new millennium. Since the Central bank is known to look for ways to decrease the number of banks in the country, the Year 2000 problem may really be a serious reason for stripping small banks off their licenses. The Central Bank has already established a special committee to check Y2K readiness of private banks. On top of that, it was announced that computer facilities of the Central Bank itself have been successfully tested for Y2K compatibility.

Source: InfoArt News Agency

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