The Reserve Bank of India (RBI) has given banks more time to renew safe deposit locker agreements.
Previously, banks were instructed by the RBI in August 2021 to update agreements with existing locker holders by January 1, 2023.
However, due to various factors and customer communication issues, the RBI has extended the deadline until December 2023.
RBI’s directive emphasizes the need for clear terms in the new agreements, outlining what items can and cannot be stored in the lockers.
Valuables like important documents and jewelry are permitted, while cash, weapons, dangerous substances, and narcotics are strictly prohibited.
This measure aims to prevent the misuse of lockers, ensuring they are used responsibly. Banks are also required to assist customers in executing the new or supplementary
agreements, providing stamp papers, electronic agreement execution, and delivering a copy of the agreement to the customer.
To fully comply with the RBI’s guidelines, the Indian Banks Association (IBA) is advised to review and amend their model agreement, ensuring it aligns with the circular dated August 18, 2021. The revised version is expected to be distributed to all banks by February 28, 2023.”
