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Section 36 – The Small Industries Development Bank of India Act,1989

The Small Industries Development Bank of India Act,1989

Section 36. Obligations as to fidelity and secrecy

(1) The Small Industries Bank shall not, except as otherwise required by this Act or any other law, divulge any information relating to, or to the affairs of, its constituents excepts in circumstances which it is, in accordance with the law or practice and usage customary among bankers necessary or appropriate for the Small Industries Bank to divulge such information.

(2) The Small Industries Bank may, for the purpose of the efficient discharge of the functions under this Act, collect from or furnish to the Central Government, Reserve Bank, Development Bank.State Bank, any subsidiary bank, nationalised bank or other scheduled bank, State Co-operative bank, State Financial Corporation, State Industrial Development Corporation, State Small Industries Corporation or the National Small Industries Corporation or such other institutions as may be specified by the Development Bank, credit information or other information as it may consider useful for the purpose, in such manner and at such times, as it may think fit.

Explanation. For the purpose of this sub-section, the expression “credit information” shall have the same meaning as in clause (c) of section 45A of the Reserve Bank of India Act,1934 (2 of 1934), subject to the modification that banking company” referred to therein shall mean a bank corporation or other institution referred to in this sub-section.

(3) Every Director, member of committee, auditor, officer or other employee of the Small Industries Bank or the Development Bank whose services are utilised by the Small Industries Bank under the provisions of this Act, 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.

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The Small Industries Development Bank of India Act,1989

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