Question

Why is secrecy to be maintained in bank correspondence?​

Answer 1

Banking secrecy, alternately known as financial privacy, banking discretion, or bank safety, is a conditional agreement between a bank and its clients that all foregoing activities remain secure, confidential, and private.

Answer 2

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• Banking secrecy, alternately known as financial privacy, banking discretion, or bank safety, is a conditional agreement between a bank and its clients that all foregoing activities remain secure, confidential, and private.

• Banker's Duty of Secrecy One of the implied terms of contract – obliged to keep the affairs of his customer secret – even after the a/c is closed & extends after customer's death. Duty is legal one, not merely moral – breach of it would result in damages – nominal or substantial.