In exercise of the powers conferred by section 19 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, the Board of Directors of Punjab National Bank in consultation with the Reserve Bank and with the previous sanction of the Central Government hereby makes the following regulation namely:-

1. These regulations may be called Punjab National Bank Officer employees (Conduct) Regulations 1977

2. They shall come into force on 1-1-1977

3. They shall apply to all officer employees of the bank recruited in India, whether working in India or outside but shall not apply to-

   1. The Chairman of the bank

   2. The Managing Director of the Bank;

   3. Any whole time Director, if any

   4. Those who are in casual employment or paid from the contingencies;

   5. Award staff

In these regulations unless the context otherwise requires:-

1. Act: means the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 (5 of 1970);

2. Award Staff: means the persons covered by the "award" as defined in the Industrial Disputes (Banking Companies) Decision Act, 1955 (41 of 1955)

3. Bank: means Punjab National Bank;

4. Board: means the Board of Directors of the Bank;

5. Competent authority: means the authority appointed by the Board for the purpose of these regulations;

6. Family: means

   1. In the case of male officer employee his wife, whether residing with him or not, but does not include legally separated wife and in the case of woman officer employee her husband, whether residing with her or not, but does not include a legally separated husband.

   2. Children or step-children of the officer employee, whether residing with the officer employee or not, and wholly dependent on such officer employee but does not include children or step-children of whose custody the officer employee has been deprived of by or under any law; and

   3. any other person related to, by blood or marriage to the officer employee or to his spouse and wholly dependent upon such officer employee.

7. Government: means The Central Government;

8. Managing Director: means the Managing Director of the Bank;

9. Officer Employee: means a person who holds a supervisory, administrative or managerial post in the bank or any other person who has been appointed and is functioning as an officer of the Bank, by whatever designation called and includes a person whose services are temporarily placed at the disposal of the Central Government or a State Government or any other Government Undertaking or any other Public Sector Bank or the Reserve Bank of India or any other organisation but shall not include casual work charged or contingent staff or Award staff.

10. Public Sector Bank: means:

    1. A corresponding new Bank specified in the First Schedule to the Act;

    2. The State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955);

    3. A Subsidiary Bank constituted under the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959); and

    4. Any other Bank, which the Central Government may determine to be a public sector Bank fo the purposes of these regulations, having regard to its manner of incorporation

1. Every officer employee shall, at all times take all possible steps to ensure and protect the interests of the Bank and discharge his duties, with utmost integrity, honesty, devotion and diligence and do nothing which is unbecoming of a bank officer.

2. Every officer employee shall maintain good conduct and discipline and show courtesy and attention to all persons in all transactions and negotiations.

3. No officer employee shall, in the performance of his official duties or in the exercise of powers conferred on him, act, otherwise than in his best judgement except when he is acting under the direction of his official superior.

4. Every officer employee shall take all possible steps to ensure the integrity and devotion to duty of all persons for the time being under his control and authority.

Every officer employee shall maintain the strictest secrecy regarding the Bank's affairs and the affairs of its constituents and shall not divulge directly or indirectly any information of a confidential nature either to a member of the public or to an outside agency or to any other employee not entitled to such information unless-

1. divulging of such information is in accordance with the law or in accordance with the practices and usages customary amongst banks;

2. he is compelled to divulge such information by judicial or other authority;

3. instructed to do so by a superior officer in the discharge of his duties.

1. No officer employee shall use his position of influence directly or indirectly to secure employment for any person related, whether by blood or marriage to the employee or to the employee's wife or husband, whether such person is dependent on the employee or not.

2. No officer employee shall, except with the prior permission of the competent authority permit his son, daughter or any other member of his family to accept employment in private undertaking with which he has official dealings or in any other undertaking having to his knowledge official dealings with the bank.

Provided that where the acceptance of the employment cannot wait prior permission of the competent authority or is otherwise considered urgent the matter shall be reported to the competent authority; and the employment may be accepted provisionally subject to permission of the competent authority.

3. No officer employee shall, in the discharge of his official duties, knowingly grant or authorise the grant of any advance or banking facilities to or enter into or authorise entering into by or on behalf of the bank any contract, agreement, arrangement or proposal in any matter or give or sanction any contract or loan to any undertaking or person, if any member of his family is employed in that undertaking or under that person or if he or any member of his family is employed in that undertaking or under that person, or if he or any member of his family has interests in such matters or contracts in any other manner and the officer employee shall refer every such matter or contract or loan to his superior officer and the matter or contract or loan shall thereafter be disposed of according to the instructions of the authority to whom such reference is made.

Explanation: A person is not deemed to have any interest in an undertaking for the purpose of this sub-regulation, if he is only a shareholder having not more than 2 per cent of the paid-up capital of the undertaking in his name