RBI's revised bank locker rules to come into effect from 1st of January

Tags: Economy/Finance National News

The Reserve Bank of India (RBI) has amended the bank locker rules, which include providing customers with updated locker agreements. The rules will take effect from January 1, 2023.

What are the new guidelines?

• As per the Reserve Bank of India notification, the agreements should follow the model prepared by the Indian Banks' Association (IBA).
• All existing locker depositors are required to submit proof of eligibility for new locker arrangement.
• They need to sign a renewal agreement before the specified date.
• RBI has advised banks to install CCTV cameras at entry and exit points of strong rooms and common areas of operations.
• It will be mandatory for all banks to keep the recording of cameras safe for at least one hundred and eighty days.
• RBI has directed banks to ensure that there are no unfair provisions or conditions in bank agreements.
• As per the guidelines, if a customer makes a complaint to the bank about his locker being opened without his knowledge or any theft or security lapse, the bank will be required to preserve the CCTV recording till the completion of the police investigation and disposal of the case.