The Reserve Bank has given strict instructions to the banks regarding the things kept in the lockers. The Central Bank has now decided what will be kept in the lockers of banks and what will not be kept?
Bank Locker Rules Latest Update: The Reserve Bank of India has extended the time for renewal of agreements for the existing safe deposit locker facilities provided by banks till December 2023. RBI has advised banks to make necessary arrangements to facilitate the execution of revised contracts by ensuring availability of stamp paper etc.
In August 2021, RBI had asked banks to enter into revised agreements with existing locker holders by January 1, 2023, in view of various developments in the banking and technology sectors, nature of consumer complaints and feedback received.
While extending the deadline for banks to complete the renewal process, the central bank had said in a statement that in many cases, banks are still informing customers about the need to do so before the due date (January 1, 2023). I have not informed.
RBI told the banks that in the new agreements with the customers, it should be clearly stated which things the customers can keep in the locker and which things they cannot. According to RBI, important documents, jewelery can be kept while cash, weapons, dangerous substances or narcotics should be declared strictly prohibited.
This order of the Central Bank is to stop the misuse of lockers. According to RBI, such restrictions can prevent misuse of lockers.
RBI also said that banks will have to facilitate the execution of fresh/supplementary stamp agreements with their customers by taking measures such as provision of stamp paper, electronic execution of the agreement, e-stamping and providing a copy of the executed agreement to the customer. .
RBI said that there is a need to revise the model agreement prepared by the Indian Banks Association (IBA) to completely comply with the revised guidelines.
A circular said that the IBA is being separately advised to review and amend the model agreement. So as to ensure that it complies with the requirements of the circular dated August 18, 2021 and circulate a revised version to all banks by February 28, 2023.
