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RBI issues revised locker rules for banks Locker Rules

RBI issues revised locker rules for banks

India Blooms News Service | @indiablooms | 18 Aug 2021, 08:32 pm

Mumbai/IBNS: The Reserve Bank of India (RBI) Wednesday issued revised rules on safe deposit locker and safe custody article facility provided by banks.

“In order to facilitate customers making informed choices, banks shall maintain a branch wise list of vacant lockers as well as a wait-list in Core Banking System (CBS) or any other computerized system compliant with Cyber Security Framework issued by RBI, for the purpose of allotment of lockers and ensure transparency in allotment of lockers," the RBI said.

Revised instructions will come into effect from January 1, 2022, the RBI said.

The RBI instructed the banks to provide acknowledgement receipts to all locker applicants and provide a wait list number to the customers, if the lockers are not available for allotment.

The existing customers of a bank can be allotted lockers if they have made an application and are fully compliant with the CDD (Customer Due Diligence) criteria subject to ongoing compliance.

The banks should incorporate a clause in the locker rules that says customers should not keep anything illegal or any hazardous substance in the Safe Deposit locker.

"If the bank suspects the deposit of any illegal or hazardous substance by any customer in the safe deposit locker, the bank shall have the right to take appropriate action against such customer as it deems fit and proper in the circumstances," it added.

RBI also said that the banks should have a board approved locker agreement banks and may adopt the model locker agreement to be framed by IBA.

"This agreement shall be in conformity with these revised instructions and the directions of the Hon’ble Supreme Court in this regard. Banks shall ensure that any unfair terms or conditions are not incorporated in their locker agreements," it said.

"The terms of the contract shall not be more onerous than required in ordinary course of business to safeguard the interests of the bank. Banks shall renew their locker agreements with existing locker customers by January 1, 2023," the RBI said.