RBI Changes Rules Regarding Bank Lockers, Now Banks Have To Pay Big Compensation In Case Of Theft


The Reserve Bank of India (RBI) has changed the rules of Bank Locker (Bank Locker) keeping in view the needs and security of the customers. 

The RBI has issued a notification regarding the new rule. If you also want to get a bank locker then you need to know about this rule. Bank locker rules have been in effect since the beginning of this year. 

The rules were notified by the central bank last year. The new rules are more favorable to consumers. The RBI has introduced new rules following repeated complaints from consumers. The rules attached to the bank locker have been in force since January 1.

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Locker rent will have to be reimbursed 100 times

Under the new rules, the bank will have to pay compensation in case of theft from the bank locker or any mishap. Now the bank cannot say that they are not responsible in case of theft. 

The bank will have to pay 100 times the locker compensation if fraud is committed by the bank employees.

Empty locker details must be provided

The RBI said that in order to maintain transparency, banks would have to display a list of empty lockers, a waiting list for lockers and a waiting list number. Bank customers cannot be kept in the dark by taking lockers. 

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The bank will accept all applications for the locker and inform the customers about the waiting list.

Email and SMS alerts

The bank will have to inform the customer via SMS and email whenever the customer uses the bank locker. 

The RBI has made this rule to avoid scams. The bank will inform the customer that it has been operated, thus avoiding fraud.

CCTV footage mandatory

The bank will have to install CCTV at the entrance and exit of the locker room. This footage must also contain 180 days of data.

The RBI has said that if a customer complains of theft or locker opening or any irregularity, the bank will maintain the recording of CCTV footage till the police investigation is completed.

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Three years rent can be taken

Under the new rules, the bank is allowed to take only three years’ rent at a time. This means that if the rent is Rs. 4,000, the bank cannot charge more than Rs. 12,000 excluding other maintenance charges.

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