Frame new bank locker rules within 6 months: Supreme Court directs RBI
4 years, 1 month ago

Frame new bank locker rules within 6 months: Supreme Court directs RBI

India TV News  

The Supreme Court on Friday said the present state of affairs on management on bank lockers is inadequate and muddled, and there is no uniformity in rules as it directed the RBI to lay down regulations, within six months, for steps necessary for banks on this issue. It is imperative that the court lays down certain principles which will ensure that the banks follow due diligence in operating their locker facilities, until the issuance of comprehensive guidelines in this regard, it said. The top court noted that the Reserve Bank of India had issued clear directions as far back as in 2007 imposing duty of care in respect of protection of the bank lockers and mandating transparency vis-a-vis the locker holder in allotment and breaking open of the lockers. "Thus, it is necessary that the RBI lays down comprehensive directions mandating the steps to be taken by banks with respect to locker facility/safe deposit facility management.

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History of this topic

Banks Cannot Disown Liability For Locker Contents: NCDRC Holds Central Bank Liable For Deficiency In Service
10 months ago

Banks Cannot Disown Liability For Locker Contents: NCDRC Holds Central Bank Liable For Deficiency In Service

Live Law  

The National Consumer Disputes Redressal Commission, presided by AVM J. Rajendra, held that banks must ensure safety and security to prevent incidents and cannot deny responsibility for the locker's contents. Following the Supreme Court's orders in Amitabha Dasgupta Vs. United Bank of India & Ors, the Commission, referred to the RBI's circular issued on August 18, 2021, outlining banks' liability …

RBI extends time for renewal of pacts for existing lockers
2 years, 2 months ago

RBI extends time for renewal of pacts for existing lockers

The Hindu  

The Reserve Bank of India has decided to extend the deadline for banks to complete the process of renewal of agreements for the existing safe deposit lockers in a phased manner by December 31, 2023, with intermediate milestones of 50% by June 30, 2023, and 75% by September 30, 2023. “Further, banks have been advised to make necessary arrangements to …

Explained | RBI’s revised guidelines for locker management
2 years, 2 months ago

Explained | RBI’s revised guidelines for locker management

The Hindu  

The story so far: In order to enhance the safety, transparency and effective management of safe deposit lockers provided by banks, apex banking regulator Reserve Bank of India released a list of revised guidelines, which came into force from January 1, 2022. Banks cannot, however, demand ‘term deposits’ from existing locker holders or those who have “a satisfactory operative account”. …

RBI's revised bank locker rules to be effective from January 1. Check details
2 years, 3 months ago

RBI's revised bank locker rules to be effective from January 1. Check details

Hindustan Times  

The Reserve Bank of India has mandated banks in the country to renew their locker agreements with existing locker customers by January 1. Reserve Bank India Model Locker Agreement The central bank has directed all lenders to use the Indian Banks’ Association IBA-drafted Model Locker Agreement, in line with the Supreme Court’s orders and guidelines. According to the guidelines, if …

Bank Locker New Rules: Banks to Pay 100 Times of Locker Rent as Penalty for Loss, Others
2 years, 11 months ago

Bank Locker New Rules: Banks to Pay 100 Times of Locker Rent as Penalty for Loss, Others

News 18  

The Reserve Bank of India has issued a notification regarding new bank locker rules, and if you are planning to open a bank locker soon you should be aware of them. Banks to Compensate 100 Times the Locker Rent: Under the new rules, banks will be asked to pay the customer in case there is a loss of content from …

Should you get a bank locker as RBI standardises bank locker rules?
3 years, 6 months ago

Should you get a bank locker as RBI standardises bank locker rules?

Live Mint  

The Reserve Bank of India on August 18 issued revised instructions on safe deposit locker and safe custody article facility provided by banks. Now, let's take a look at RBI's new guidelines for bank lockers Locker Rent Banks may face potential situations where the locker-hirer neither operates the locker nor pays the rent. Compensation Policy / Liability for Banks The …

RBI Revises Bank Locker Rules - Know All About Rentals, Safety, Digital Framework & More
3 years, 7 months ago

RBI Revises Bank Locker Rules - Know All About Rentals, Safety, Digital Framework & More

ABP News  

New Delhi: Planning to get a safety deposit locker in a bank? The Reserve Bank of India has recently revised its guidelines on safe deposit locker and safe custody article facility provided by banks. The changes in guidelines for 'Deposit Locker/Safe Custody Article Facility' provided by the banks came after the central bank took into consideration various developments in the …

Banks Duty-Bound To Exercise Due Diligence In Maintaining And Operating Their Locker Facility: Supreme Court Issues Guidelines
4 years, 1 month ago

Banks Duty-Bound To Exercise Due Diligence In Maintaining And Operating Their Locker Facility: Supreme Court Issues Guidelines

Live Law  

The Supreme Court observed that the banks owe a duty of care to exercise due diligence in maintaining and operating their locker or safety deposit systems and that they cannot contract out of the minimum standard of care in this regard.The banks cannot wash off their hands and claim that they bear no liability towards their customers for the operation …

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