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

The Public Financial Institutions (Obligation as to Fidelity and Secrecy) Act, 1983 is an Act that establishes certain obligations of fidelity and secrecy on the part of public financial institutions. The Act applies to all public financial institutions, including the Industrial Development Bank of India, the Industrial Finance Corporation of India, the Unit Trust of India, and any other financial institution that may be notified by the central government. The Act provides for the appointment of a custodian to safeguard the assets of a public financial institution in the event of its takeover by the central government. The Act also imposes penalties for contraventions of its provisions and provides for the punishment of offenders.