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Economy
Mahesh

28/12/22 08:39 AM IST

New Bank Locker Rules To Take Effect On January 1, 2023

In News
  • The Reserve Bank of India (RBI) has amended the bank locker rules, which include providing customers with updated locker agreements. The rules will take effect from January 1, 2023.
New Rules
  • Lenders are directed to use the Indian Banks’ Association (IBA)-drafted model locker agreement, which was created as per the Supreme Court orders and guidelines.
  • The banks are required to ensure that there is no “unfair terms and conditions” in their locker agreements.
  • The banks are required to install CCTV camera at entry and exit points of the strong room and the common areas of operation. The guidelines mandates preserving CCTV camera recording for a minimum of 180 days.
  • If any customer has complained to the bank about theft or security breach of his or her locker, the bank must preserve the CCTV recordings until the police investigation is completed and the dispute is settled.
  • Depositors can get up to 100 times the bank charges if the valuables stored in the vaults are ransacked or lost due to fire or building collapse.
  • However, banks are not liable for damages or loss caused by natural calamities or “Acts of Gods”.
  • The new guidelines allow banks to demand term deposits during the allocation of a locker that can be collected as a rent for 3 years.
  • This rule is not applicable for existing locker holders and those with satisfactory operative accounts.
Source- Economic Times

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