Finance News : RBI has released new rules for bank lockers that you need to know

The Reserve Bank of India (RBI) today (August 18, 2021) introduced new guidelines on bank lockers and asked banks to maintain a list of vacant bank lockers with a waiting list for allocation purposes. Locker. This will have to be done at a separate bank branch level. The new guidelines will have to be complied with from January 1, 2022, the RBI said.

“For the convenience of informed customers, banks will maintain a branch-based list of empty lockers as well as a waiting list for Core Banking System (CBS) or any other computerized system compliant with the cyber security framework issued by the RBI. “The RBI has added a release.

In addition, the central banker said, banks must recognize them upon receipt of an application for locker allocation and at the same time provide a waiting list number to the customer seeking their locker for allocation if the locker is not available. Allotment terms of Locker by RBI further stated that the existing customers of the bank who fully agree with the due diligence of the customer and have applied for locker allocation will be given the facility of safe deposit locker / safe custody article- consent is going on. Customers who do not have any other banking relationship with the bank may be offered the facility of Secure Deposit Locker / Secure Custody Register, it has been mentioned.


The RBI has also stated that banks will not add any new clause now stating that locker tenants / safe deposits cannot contain anything illegal or dangerous. It states, “If the bank suspects that a customer has deposited an illegal or hazardous substance in a secure deposit locker, the bank shall have the right to take appropriate action against such customer as it deems fit and proper.” Also, it mentioned that the bank will have a board-approved contract for lockers. And so for the same, the banks will make us the model locker deal created by the IBA. “This Agreement shall be in accordance with these amended guidelines and the directions of the Hon’ble Supreme Court in this regard.

Leave a Reply

Your email address will not be published.