Why did RBI changed the rules related to bank lockers ? Know more about the new rules before keeping your valuables !

Change in Bank Locker Rules –

For the safety and Convenience of Bank customers reserve Bank of India always updates it’s rules and regulations. In today’s economic inequality, jewelry and cash thefts, being still prevalent in many parts of India RBI over this concern updated it’s rules . The major objective of these bank locker rules was to provide protection to the expensive and luxurious assets from theft and burglaries. In general banks also get away with the thefts saying there are not responsible for them which in turn leads to customer being a part of fighting the legal battles . RBI this issues some of the major rules which are as follows –

Banks will Compensate the Customers –

Often there are cases of thefts and burglaries or robberies which results in the loss of customers assets. It is the responsibility of banks to take all the required steps for the safety and security of the bank environment in which the safe deposit vaults are housed. If such cases appear or anything gets stolen from any vaults the customer will get the compensation up to 100 times the locker rent from the bank concerned in the issue.

Displaying of the waiting list by the Banks for Allotment –

The RBI said that the banks need to maintain a wait-list for the allotment of lockers to ensure the transparency in allotment of lockers.The banks shall address the receipt of all applications for allotment of the locker by the customers and provide a waitlist number to them , if the lockers are not available for allotment. The primary objective behind this is transparency with customers.

Locket Rent Details –

According to RBI to ensure the prompt payment the banks are allowed to take the locker rent for minimum 3 years at a time which are called as Term Deposits. But Banks are also not allowed to insist such Term Deposits from the existing locker holders or customers or those who have a satisfactory operative account.

CCTV security System –

It is necessary and important to keep track of the people coming and going in the locker room through CCTV cameras. Also in the cases of thefts and burglaries from this, 180 days of CCTV footage will have to be kept safe so that the police can easily obtain the CCTV footage of such incidents. Banks also at the end of the day must send an email and SMS alert to the customer’s registered email ID and mobile number to confirm the date and time of the locker operation that is done and also same procedure to be followed during the access of lockers which will prevent frauds.

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