The Chief Executives/Country Heads
All Banks & DFIs.

Dear Sirs/ Madam,

SECTION 33-A FIDELITY & SECRECY-
THE BANKING COMPANIES ORDINANCE, 1962

The Section 33-A of the Banking Companies Ordinance, 1962, interalia, requires that every President, Chairman & members of the Board of the banks/DFIs make a declaration of Fidelity and Secrecy. However, it has been observed that only few banks/DFIs are complying with the requirements laid down in Section 33-A of BCO, 1962. Even those complying with the requirements vary in contents of the declaration.

2. In order to create uniformity in obtaining declaration under the said Section, it has been decided that, from now onwards, President and Chairman & members of the Board of all banks/DFIs will sign a declaration as per enclosed format before assuming the office. In case of foreign banks, who are represented in Pakistan by their branch offices only, the enclosed format will be signed by the Country Managers. The declaration may please be kept in safe custody with the banks/DFIs.

3. The declaration as per enclosed format for existing President, Country Managers (in case of foreign banks’ branches), Chairman and members of Board may please be obtained immediately and placed on record. Please confirm compliance of the foregoing within 90 days from the date of issue of this circular.

4. Please acknowledge receipt.