Banks will need to make appropriate arrangements to protect their premises from natural calamities. Apart from this, the entire responsibility of the security of the premises where there are safe deposit lockers will be with the bank.
The Reserve Bank of India (RBI) has changed the guidelines related to renting of bank lockers. Under the new guidelines, the liability of the bank towards locker in case of fire, theft, building collapse and fraud by bank employees will be limited to 100 times its annual rent. The revised guidelines regarding lockers will come into effect from January 1, 2022. Also Read: Get 10 lakh maturity every month on saving Rs 2500, that too twice, here are the details
Banks will have to include a provision in the locker agreement, under which the person renting the locker will not be able to keep any illegal or dangerous goods in it. Banks will have to ensure transparency in the allocation of lockers. Also Read: EPFO Work on umang application know how can you do pf work on umang check here all details
The Reserve Bank has said that banks will have to prepare a list of vacant lockers branch-wise. Also, they will have to enter their waiting list information in Core Banking System (CBS) or any other computerized system compliant with cyber security framework for the purpose of allotment of lockers.
The RBI directive states that banks will have to give an acknowledgment or receipt for all applications for locker allotment. If the locker is not available, the banks will have to give the wait list number to the consumers. Apart from this, banks will also have to adopt the Model Model Agreement to be prepared by the IBA.
The Reserve Bank has said that the bank will not be responsible for any loss in the event of natural calamity or ‘Act of God’ i.e. earthquake, flood, lightning or storm.
It has been said in the instructions 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 up to one hundred times the annual rent of the locker.
The bank will have to take adequate steps to protect the strong room/vault. It will be necessary to keep the CCTV footage of entry and exit for at least 180 days.
According to the new rules of the Reserve Bank, it will be necessary for banks to send SMS and email of locker operations to the customers. Locker application will be taken from all the customers and they will be issued a waiting number. According to the branch of each bank, the locker allotment information and waiting list will be linked to the core system of banking.
Locker can be taken alone or together. It is necessary to make a nominee to get the locker. In the event of the death of the locker holder, the nominee gets access to the same.
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