Section 29 in The Industrial Development Bank Of India Act, 1964
29. Obligation as to fidelity and secrecy
.-(1) The Development 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 except in circumstances in which it is, accordance with the law or practice and usage customary among bankers, necessary or appropriate for the Development Bank to divulge such information.[(1-A) The Development Bank may, for the purpose of the efficient discharge of its functions under this Act, collect from or furnish to the Central Government, the State Bank, any subsidiary bank, nationalised bank or other scheduled bank, State co-operative bank, State Financial Corporation or such other financial institution, as may be notified by the Central Government in this behalf, 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 45-A of the Reserve Bank of India Act, 1934 (2 of 1934), subject to the modification that "banking company "referred to therein shall mean the State Bank, any subsidiary bank, nationalised bank or other scheduled bank, State co-operative bank, State Financial Corporation or other financial institutions as aforesaid.](2)Every director, member of a committee, auditor or officer or other employee of the Development Bank or of the Reserve Bank, whose services are utilised by the Development 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.
