The Reserve Bank of India (RBI) has advised all leading banks to issue the new locker agreement to its holders before January 1, 2023, as new locker rules will be implemented from that date.
The locker owners must show their eligibility for a new locker arrangement. The lenders can use the IBA-drafted model locker agreement for this purpose.
The latest guidelines also contain measures to ensure the safety of lockers. It asks banks to install CCTV cameras to monitor the locker rooms. The banks must keep the data of CCTV for 180 days to check for discrepancies. The banks should send SMS and e-mail alerts every time a customer accesses his or her locker.
As per the new RBI guidelines, the banks can demand a term deposit for a locker that would be considered as the rent for three years. Banks cannot insist that from existing locker holders or those who have satisfactory operative accounts. If the valuables are robbed or destroyed due to fire or building collapse, the customers can receive up to 100 times the bank charges.
