The bank will give full money back if the locker is stolen, these are the new guidelines of RBI

Bank Locker: If you have also kept any valuables, gold and diamond jewelery or cash in the bank locker, then this is news of work for you. Actually, the Reserve Bank of India (RBI) has changed the rules for renting lockers. RBI has given instructions regarding compensation policy and liability of banks.

RBI gave instructions regarding bank lockers

RBI asked banks to implement such a policy in their board in which their responsibility for the goods kept in the locker can be fixed. However, RBI said that the bank will not be responsible for any loss incurred in the time of natural calamity or act of God i.e. earthquake, flood, lightning, thunderstorm or storm. Banks have to make proper arrangements to avoid such calamities. Banks will be responsible for the security of the bank locker. The directive states that in the event of fire, theft, dacoity or burglary, the bank cannot abdicate from its liability. In such cases the liability of the bank will be equal to 100 times the annual rent of the locker.


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Banks will have to sign an agreement for the locker

Banks will also have to enter into an agreement at the time of entering into a locker agreement in which a person cannot keep any illegal or dangerous goods while taking the locker on rent.

List of lockers to be given

RBI said that banks will have to make a list of empty lockers in the branch. All this information will have to be entered in the Core Banking System (CBS) or computerized system with cyber security. Banks have to be transparent in giving lockers. It has been said in the instructions that the banks will have to give a receipt for giving the locker. If there is no locker, then the banks will have to give the number of the waiting list.

rules will be applicable next year

RBI’s revised guidelines regarding lockers will come into effect from January 1, 2022.

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