If you have jewelry or other valuables in the bank locker, this news is for you. In fact, the Reserve Bank of India has amended the guidelines for hiring bank lockers. The Reserve Bank has detailed the compensation policy and liability for banks in the revised instructions.
What is the new rule: According to the Reserve Bank, banks have to implement such a policy approved by their board, in which negligence can correct their liability for goods placed in the locker. The Reserve Bank has said that the Bank is not responsible for any loss in the event of an earthquake, flood, lightning or storm.
However, banks need to make appropriate arrangements to protect their areas from such hazards. In addition, the bank is solely responsible for the security of the premises where secure deposit lockers are located. The Directive states that the Bank cannot waive its liability in the event of fire, theft, trespass or theft. In such cases, the bank’s liability locker is one hundred times the annual rent.
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In addition, banks are required to include a provision in the locker agreement under which the person renting the locker is unable to keep any illegal or dangerous goods in it.
List of lockers to be offered: The Reserve Bank said banks should prepare a list of vacant lockers according to the branches. Also, they need to enter their waiting list information on the Core Banking System (CBS) or any other computerized system in accordance with the Cyber Security Framework for the sharing of lockers. Banks should ensure transparency in the distribution of lockers.
The wait list number is released: It is stated in the notice that banks have to issue an acknowledgment or receipt for all applications for the allocation of lockers. If the locker is not available, banks will have to give customers a waiting list number. Revised Guidelines for Lockers will come into effect from January 1, 2022.