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ACT XIV OF 1997 document.onkeyup = Stopit; --> BANKING COMPANIES (AMENDMENT) ACT, 1997 ACT XIV OF 1997 [31st May 1997] An Act further to amend the Banking Companies Ordinance, 1962 [Gazette of Pakistan, Extraordinary, Part I, 2nd June, 1997[ No.F.9(19)/97‑Legis., dated 2‑6‑1997.‑‑The following Act of Majlis‑e- Shoora (Parliament) received the assent of the President on the 31st May, 1997, is hereby published for general information:‑‑ 9. Insertion of new sections 33A and 3311, Ordinance LVII of 1962.‑‑In he said Ordinance, after section 33, the following new sections shall be inserted, namely:‑‑ "33A. Fidelity and secrecy.‑‑(1) Subject to subsection (4), every bank and financial institution shall, except as otherwise required by law, observe the practices and usage customary among bankers and in particular shall not divulge my information relating to the affairs of its customers except in circumstances in which it is, in accordance with law, practice and usage customary among rankers, necessary or appropriate for a bank to divulge such information. (2) Every president, chairman, member of the Board, administrator, auditor, adviser, officer or other employee of any bank and financial institution shall, before entering upon his office, make a declaration of fidelity and secrecy n such form as may be prescribed. (3) Notwithstanding anything contained in subsections (1) and (2), every balance sheet and profit and loss account statement prepared by a bank and financial institution shall include statements prepared in such form and manner as the State Bank may specify in respect of written off loans or any other financial relief of five hundred thousand rupees or above allowed to a person as well as the provision, if any, made for bad or doubtful debts. (4) The State Bank of Pakistan may, if satisfied that it is necessary so to do at the time of holding, general elections under any law relating thereto, publish a list of persons to whom any loans, advances or credits were extended by a bank or financial institution, either in their own names or in the names of their spouses or dependents or of their business concerns (if mainly owned and managed by them) which were due and payable and had not been paid back for more than one year from the due date, or whose loans were unjustifiably written off in violation of banking practices, rules or regulations on or after such date as may be determined by the Government: Provided that before publishing the name of any person in any such‑ list he shall be given prior notice and, if he so requests, an opportunity of hearing. 33B. Guidelines by the State Bank.‑‑The State Bank may at any time either on the request of any one or more banking companies or the Federal Government or suo motu, lay down general guidelines for facilitating recovery of bad or doubtful loans, advances or finance by giving incentives to borrowers or customers to make repayments within a specified time frame by making adjustments or remissions in relation to interest or mark‑up or part of the principal amount in cases in which all full recovery is not possible by reason of inadequacy of security or as part of a general scheme for the rehabilitation of sick units."