Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act,1983

Act No : 48

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Section : SHORT TITLE

PUBLIC FINANCIAL INSTITUTIONS (OBLIGATION AS TO FIDELITY AND SECRECY) ACT, 1983
48 of 1983
30th December, 1983

STATEMENT OF OBJECTS AND REASONS The duty of bankers as to secrecy concerning their customers' affairs arises out of their contractual relationship and it has been universally accepted as a customary usage in banking and has also been
recognised in law. The various enactments providing for the establishment of public sector financial institutions contain provisions in respect of this obligation as to fidelity and secrecy. It is considered appropriate to make similar statutory provisions with respect to companies functioning as public financial institutions.

2. This opportunity is proposed to be availed of to make the provisions as to the obligation of secrecy and fidelity contained in the Industrial Finance Corporation Act, 1948, and the State Financial Corporations Act, 1951more comprehensive.

3. The Bill seeks to achieve the above objects.-Gaz. of India, 5-12-1983, Pt. II, section 2, Ext., p. 5.

An Act to provide for the obligation of public financial institutions as to fidelity and secrecy. Be it enacted by Parliament in the Thirty-fourth Year of the Republic of India as follows:-

SECTION 01: SHORT TITLE

This Act may be called The Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983.

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