Bank of baroda

Restriction on Creation of Floating Charge
Prior approval of the RBI is required for creating floating charge on our undertaking or our property. Currently, all our
borrowings including bonds are unsecured.
Maintenance of Records
We are required to maintain books, records and registers. The Banking Companies (Period of Preservation of Records)
Rules, 1985 require a bank to retain records of books, accounts and other documents relating to stock and share register
for a period of three years.
Secrecy Obligations
Under Section 13 of the Bank Acquisition Act, our Bank is statutorily bound to maintain secrecy about the affairs of its
constituents, except in circumstances in which it is, in accordance with law or practices and usages customary among
bankers, necessary or appropriate for the bank to divulge such information.
Our obligations relating to maintaining secrecy arise out of common law principles governing our relationship with our
customers. We cannot disclose any information to third parties except under clearly defined circumstances. The following
are the exceptions to this general rule:
where disclosure is required to be made under any law;
where there is an obligation to disclose to the public;
where we need to disclose information in our interest; and
where disclosure is made with the express or implied consent of the customer.
We are required to comply with the above in furnishing any information to any parties. We are also required to disclose
information if ordered to do so by a court. The RBI may, in the public interest, publish the information obtained from the
bank. Under the provisions of the Banker’s Books Evidence Act, 1891 a copy of any entry in a bankers’ book, such as
ledgers, day books, cash books and account books certified by an officer of the bank may be treated as prima facie
evidence of the transaction in any legal proceedings. The RBI has directed banks to incorporate consent clauses in loan
agreements to enable disclosure of borrower information to credit bureaus.