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Who is responsible for the bank locker theft?indiWhether the bank will reimburse, learn the new rules of RBI

In case of theft in the bank locker, the question of who is responsible and whether the bank will compensate is constantly being raised. Meanwhile, the RBI has changed the rules. Effective January 1, 2022.

Mumbai: RBI New Locker Rules: If you are keeping your valuables and important things in bank lockers, read this news carefully. The Reserve Bank of India (RBI) has changed the rules regarding lockers. These changes will have a direct impact on customers who use lockers. The new RBI rules will come into effect from January 1, 2022 next year. We will tell you what these new rules are and how they will affect you.

  1. The liability of the banks will be fixed

According to the RBI’s new guidelines, banks will have to implement a policy approved by their board, which will determine their liability for items kept in lockers due to negligence. As per the rules, the bank will not be liable for any loss in case of natural calamity or ‘Act of God’ i.e. earthquake, flood, lightning, storm and hurricane.

  1. The bank will compensate in case of theft or fraud
    But this does not mean that the bank is free from its responsibilities. Banks need to ensure proper arrangements to protect their premises from such disasters. In addition, the bank will be solely responsible for the security of the premises where the safe deposit lockers are located. According to the new rules of the Reserve Bank, in case of fire, theft, building collapse or fraud by the bank employees, the liability of the banks will be limited to 100 times of their annual rent.
  2. Locker can be opened if payment is not made
    If the locker is not rented by the customer for three consecutive years, the bank can take action and open any locker after due process.
  3. Cannot keep illegal items
    Not only that, according to the new rules of the Reserve Bank, the banks will have to include a provision in the locker agreement, under which the customer who leases the locker will not be allowed to keep any illegal or dangerous goods in the locker.
  4. Waiting list number will be announced
    According to the new rules of the Reserve Bank, banks will be required to send SMS and e-mails of locker operations to customers. Banks will have to give acknowledgment of all applications for locker allocation. If the locker is not available, the banks will have to provide the waiting list number to the customer. Branch wise locker allocation information and waiting list of banks will be linked to Core Banking System (CBS) or any other computerized system compatible with Cyber ​​Security Framework.

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