Security breach at Lko’s Bank: “If bank lockers aren’t safe, where can we go,” locker holders
3 months, 1 week ago

Security breach at Lko’s Bank: “If bank lockers aren’t safe, where can we go,” locker holders

Hindustan Times  

“If even bank lockers aren’t safe, where can we go?” questioned Ankit Asthana, a victim of the shocking heist at the Chinhat branch of Indian Overseas Bank. The incident has not only stripped locker holders of their precious belongings but also eroded trust in the bank’s ability to provide security. Despite paying ₹2,400 annually for the locker, the bank’s security was nonexistent,” she said, pointing out that the thieves bypassed both walls and locker rods with ease. The bank failed us completely.” “Officials claim my locker is untouched, but they haven’t let me verify it,” said Nirankar Shankar Khare.

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History of this topic

A Bengaluru startup wants to disrupt bank lockers and their waiting lists
1 month, 1 week ago

A Bengaluru startup wants to disrupt bank lockers and their waiting lists

Live Mint  

Getting a bank locker in India is not easy, as anyone who has tried to have a new one assigned to themselves will attest. Firstly, many bank branches simply don't offer lockers anymore, and of the ones that do, most have years-long waiting lists. A Bengaluru-based startup, Aurm, founded by former MyGate CEO Vijay Arisetty, is solving this in a …

Bank locker rules 2024: What you can and cannot store in SBI, HDFC, Bank of Baroda, and ICICI Bank lockers
4 months, 1 week ago

Bank locker rules 2024: What you can and cannot store in SBI, HDFC, Bank of Baroda, and ICICI Bank lockers

Live Mint  

Bank lockers provide a safe and secure way to store valuable items. Items that cannot be stored in bank locker: Common restrictions across all banks Possessing weapons, explosives, drugs, or any other type of contraband is strictly forbidden. Here's a breakdown of what can and cannot be stored in a bank locker SBI locker agreement Only for legitimate purposes such …

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”. …

Kanpur Police reveals bank officials responsible for theft from Central Bank of India lockers
2 years, 11 months ago

Kanpur Police reveals bank officials responsible for theft from Central Bank of India lockers

India Today  

Kanpur Commissionerate Police revealed on Friday that bank officials are behind the numerous thefts from the lockers of the Central Bank of India. The police started an investigation after nine customers of the Central Bank of India, Karachi Khana branch in Kanpur filed an FIR. Salman Taj Patil, Deputy Commissioner of Police, crime revealed that the lockers were broken into …

Bank staff \'locks up\' 89-yr-old man; saved next morning
3 years ago

Bank staff \'locks up\' 89-yr-old man; saved next morning

Deccan Chronicle  

Hyderabad: An octogenarian had a providential escape after he was unwittingly kept overnight in a locker room of the Union Bank’s branch near Jubilee Hills Checkpost. He was discovered lying on the floor in the locker room on Tuesday morning when, after some fuss, the bank staff opened the locker door at 10.30 am. In the morning, one of the …

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 …

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 …

‘Banks need to create robust security systems’
5 years, 4 months ago

‘Banks need to create robust security systems’

The Hindu  

The need for banks to upgrade security measures and put effective risk assessment measures in place was discussed at a conclave in Mumbai on Monday. This will not only protect the valuables that consumers trust the banks with but also the reputation that they have built over the years,” said Rakesh Patney, chief security officer, Bank of India. BIS spokesperson …

Ditch that bank locker, it is unsafe; go for home safes, insurance instead
7 years, 9 months ago

Ditch that bank locker, it is unsafe; go for home safes, insurance instead

Firstpost  

The Britishers, from whom we inherited these, have almost done away from such safe deposit lockers from their banks; it’s time for Indians to ditch them too An RTI query by a lawyer has revealed something really shocking for many Indians: Banks will not compensate for loss of your valuables kept in their lockers. It’s a well-known fact that most …

Banks won't compensate you for burglary or theft of your valuables in lockers, reveals RTI query
7 years, 9 months ago

Banks won't compensate you for burglary or theft of your valuables in lockers, reveals RTI query

Firstpost  

The unanimous reason given by 19 banks is that “the relationship they have with customers with regard to lockers is that of lessee and lessor ”. New Delhi: Do not expect any compensation for theft or burglary of valuables in safe deposit boxes of public sector banks as the locker hiring agreement absolves them of all liability. According to the …

Banks need safer locker systems
17 years, 1 month ago

Banks need safer locker systems

Hindustan Times  

Given the apathy shown by most Indian banks towards safety and security, bank robberies are not very rare these days. HT Image Similarly, in Ludhiana, following a robbery at a branch of Oriental Bank in September last year, the police had undertaken a survey on bank security and found that most banks there did not have functional alarms, CCTVs or …

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