RBI new guidelines: Good news for bank locker holders; now banks are accountable for damage, theft of your assets; know details

RBI new guidelines: Last year, the Reserve Bank of India revised the rules governing bank lockers, which became effective in January of this year. The major goal of these bank locker guidelines is to keep valuable stuff safe from theft and burglary. Similarly, cases of jewellery and cash theft continue in various places of India.

Following the Supreme Court’s judgement, the RBI issued bank locker rules

Banks frequently get away with theft cases by claiming that they are not accountable for anything stored within the locker. Customers will almost certainly face legal action if banks refuse to accept accountability. Banks will no longer be allowed to avoid accountability in the event of damage or theft of products from bank lockers after January 2022. Here are the bank locker guidelines you should be aware of in order to comprehend this.

Banks to pay 100 times their losses

The Reserve Bank enacted a bank locker rule that requires the bank to repay the consumer 100 times the amount stolen from the locker. The accusations about theft in bank lockers prompted the issuance of this rule.

Banks to provide a list of empty lockers

The lack of transparency in government offices has long been a source of concern. Banks used to disregard theft cases and fully dismiss them by not holding themselves accountable. According to the RBI, banks will be required to post a list of empty lockers as well as the locker’s waiting list number.

New fraud-prevention regulations have been implemented

When you access the locker, you will be notified by e-mail and SMS by the Bank. The rule’s goal is to prohibit cheating. The Bank also reserves the right to rent the locker for a maximum of three years. For example, if you pay Rs.2000 for a locker, the bank should not charge you more than Rs.6000, ignoring additional maintenance fees.

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