InvestorQ : What are the recently issued latest RBI guidelines for safe deposit lockers?
sara Kunju made post

What are the recently issued latest RBI guidelines for safe deposit lockers?

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Mary Joseph answered.
4 months ago
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RBI issued revised instructions on safe deposit lockers provided by banks, due to a series of disputes over jurisdiction and accountability in the event of loss For example, under the new guidelines, Customers not having banking relationship with the bank can also avail locker facilities subject to completion of requisite KYC. RBI has now insisted that the banks must maintain a branch-wise list of empty lockers as part of centralized database.

Regarding the accountability of the banks in the case of articles lost from the safe deposit lockers, the RBI has limited the loss to 100 times the annual fee payable. However, going ahead, the board of the Bank must formulate and approve a detailed policy including procedures, execution and the damages payable.

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