Bank Locker Rules: Big news for those taking lockers in the bank, RBI issued a guideline

Reserve Bank of India: If you have also taken a locker in any public sector bank or private bank, then this news is useful for you. Yes, the rules related to lockers were changed by the Reserve Bank of India (RBI) from January 1.

According to this, the locker agreement between customers and banks was to be renewed by January 1, 2023. But now the last date for renewal of locker agreement between customers and banks has been extended by RBI. Now customers can get the work related to renewal done by 31 December 2023.

Now this work will be done till December 31.

This time limit was extended by RBI because it was noticed that till January 1, 2023, which was the time limit for renewal of the agreement, a large number of customers did not sign the amended agreement. Now banks have been instructed by RBI to complete the process by December 31, 2023.

This is how the work will have to be done : Banks have been asked by RBI to complete 50 percent work by June 30, 2023 and 75 percent by September 30, 2023. In a statement issued by the RBI, it was said that banks have been informed to make necessary arrangements to facilitate the execution of revised contracts by ensuring availability of stamp paper etc.

In addition, in cases where operations in lockers have been prohibited for non-execution of the agreement by January 1, 2023, the same will be closed with immediate effect, the circular said.