Lawgist39Declaration of fidelity and secrecy
2[(1)] Every director, auditor, officer or other employee of the Corporation or an employee of the Reserve Bank whose services are utilised by the Corporation under sub-section (2) of section 33 shall, before entering upon his duties, make a declaration of fidelity and secrecy in the form set out in the First Schedule to this Act.
1[(2) The Corporation shall observe, except as otherwise required by law, the practices and usages customary among the bankers, and, in particular, it shall not divulge any information relating to an insured bank or its customers or a credit institution or its customers except in circumstances in which it is, in accordance with law or practices or usages customary among bankers, necessary or appropriate for the Corporation to divulge such information.]
3[(3) Nothing contained in this section shall apply to the credit information disclosed under the Credit Information Companies (Regulation) Act, 2005.]
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1. Ins. by Act 21 of 1978, s. 8 (w.e.f. 15-7-1978).
2. Section 39 re-numbered as sub-section (1) thereof by s. 8, ibid. (w.e.f. 15-7-1978).
3. Ins. by Act 30 of 2005, s. 34 and the Schedule (w.e.f. 14-12-2006).
- 33 Staff of Corporation
- 34 Returns from insured banks
- 35 Corporation to have access to records
- 36 Inspection of insured banks by Reserve Bank
- 37 Corporation to furnish information to Reserve Bank
- 38 Reserve Bank to furnish information to Corporation
- 39 Declaration of fidelity and secrecy
- 40 Indemnity of directors
- 41 Defects in appointment not to invalidate acts, etc
- 42 Protection of action taken under this act
- 43 Companies Act, 1956 and insurance act, 1938 not to apply
- 44 Liquidation of Corporation
- 45 Power of Central Government to give directions
- 46 Dispute as to amount of premium
- 47 Penalties
- 48 Offences by companies
- 49 Cognizance and trial of offences
- 50 Regulation
- 51 Repealed
