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The rules related to bank locker have become strict, now if there is a loss of customers, banks will not be able to get rid of them

The rules related to bank locker have become strict, now if there is a loss of customers, banks will not be able to get rid of them

RBI amended the rules related to bank lockers. (symbolic picture)


reserve Bank of India (RBI) has amended the bank locker rules revised guidelines regarding hiring of bank lockers. Under the new guidelines, the liability of the bank towards locker in case of fire, theft, building collapse and fraud by bank employees will be limited to 100 times its annual rent. The revised guidelines regarding lockers will come into effect from January 1, 2022. Banks will have to include a provision in the locker agreement under which the person renting the locker will not be able to keep any illegal or dangerous goods in it.

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The Reserve Bank has also mentioned in detail the compensation policy and liability for banks in the revised instructions. Banks will have to implement such a policy approved by their board in which their responsibility can be fixed for the goods kept in the locker due to negligence. The Reserve Bank has said that the bank will not be responsible for any loss in the event of natural calamity or ‘Act of God’ i.e. earthquake, flood, lightning or storm.

However, banks will need to make appropriate arrangements to protect their premises from such calamities. Apart from this, the entire responsibility of the security of the premises where there are safe deposit lockers will be with the bank. It has been said in the instructions that in the event of fire, theft, dacoity or burglary, the bank cannot abdicate from its liability. In such cases the bank’s liability will be up to one hundred times the annual rent of the locker.

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Allotment will have to be done transparently

The Reserve Bank said that banks will have to prepare a list of vacant lockers branch-wise. Also, they will have to enter their waiting list information in Core Banking System (CBS) or any other computerized system compliant with cyber security framework for the purpose of allotment of lockers. Banks will have to ensure transparency in the allocation of lockers. It has been said in the instructions that banks will have to give an acknowledgment or receipt for all applications for locker allotment. If the locker is not available, the banks will have to give the wait list number to the consumers. Apart from this, banks will also have to adopt the Model Model Agreement to be prepared by IBA.

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The Reserve Bank said that on the basis of various developments in the banking and technology sectors, nature of consumer complaint and information provided by banks and Indian Banks’ Association (IBA), it has decided to “deposit lockers/safe custody items provided by banks”. facility’ is reviewed. Apart from this, it has also been reviewed in accordance with the principles emerged on the basis of the case of Amitabh Dasgupta against United Bank of India in the Supreme Court.
The central bank has said that the revised instructions will be applicable for new and existing safe deposit lockers and safe luggage custody facility.

(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)

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