Banks Will Now Give Compensation If Theft Takes Place In Bank Locker

Finance News Update

The Reserve Bank of India has announced a new guideline related to hiring bank lockers. However, the RBI has amended the guidelines concerned to hiring bank lockers. The new guidelines of RBI additionally stated that the compensation policy and liability of banks.

What Does The New Guidelines of RBI say?

As per the new Reserve Bank of India, the banks will now 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 RBI also mentioned that the new rule does not cover the loss in the event of natural calamity or ‘Act of God’, like a flood, storm, earthquake, and lightning.

However, banks are required to make adequate arrangements in order to protect their bank’s locker from such calamities. Moreover, the bank will be solely responsible for the security of the deposit lockers. The new guidelines of RBI state that in case of theft, dacoity, fire, or burglary, the bank cannot abdicate its liability. In such events, the bank’s liability will be up to 100 times the annual rent of the locker.

Lists of Lockers To Be Given To RBI

The Reserve Bank of India said that the banks will now have to provide the lists of vacant lockers branch-wise. In addition to this, they are required to enter their waiting lists information in Core Banking System (CBS) for the allotment of lockers.

Issuance of Waitlist Number

The new guidelines of RBI say that banks will have to provide receipt or acknowledgement for all applications of locker allotment. In case, if the locker is not vacant then the banks will have to give the waitlist number to the consumers.

The revised guidelines regarding bank lockers will come into effect from January 1, 2022.

Source: zeebiz

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