Under Section 45C of the RBI Act, 1934, a banking

Solution

Section 45C(1) empowers the Bank to direct any banking company to submit statements relating to credit information in such form and within such time as specified. Under Section 45C(2), a banking company shall, notwithstanding anything to the contrary in any law or any agreement relating to the secrecy of its dealings with its constituents, be bound to comply with such a direction. This overrides ordinary banker-customer confidentiality for credit information purposes. The matter referred to is the secrecy of dealings with constituents.