In a release issued by the central bank, it has been said that the deadline will be extended till December 31, 2023 in a phased manner. It is being told that this step has been taken after receiving complaints from a large number of customers.

Instructions to ease the process of agreement renewal

Earlier in August 2021, the RBI had asked banks to renegotiate with the existing locker holders by January 1, 2023, after all the changes in the banking and technology sector. The apex bank said in a release that the deadline will be extended in a phased manner till December 31 this year.

Under this, the process will be completed by 50 percent by June 30, 2023, by September 30 and 75 percent by 2023. RBI has asked banks to make necessary arrangements to ease the process of agreement renewal by ensuring availability of stamp paper etc.

RBI gave this instruction regarding freeze lockers

Apart from this, the Reserve Bank of India has given instructions to start the lockers which are frozen due to lack of agreement from January 1, 2023, with immediate effect. Let us tell you that in August 2022, the central bank had issued new rules related to the safe deposit locker, issued a circular.

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Under this, banks had to revise the agreement with the existing locker holders by January 1, 2023. These rules were to be applicable to the old locker holders. These rules are applicable to new customers from January 2022 only.

Banks will have to show list of empty lockers

Under the new rules, banks will be required to display a list of empty lockers and a waiting list. Apart from this, banks will have the right to charge locker rent from customers for a maximum period of three years at a time. The great thing is that in the event of a loss to a customer, he will no longer be able to retract by citing the bank’s conditions. Rather, the customer has to be reimbursed in full.

Know what is the revised rules of RBI

According to the revised rules of RBI, banks will have to ensure that no unfair condition is included in the locker agreement done by them, so that the bank can easily walk away if the customer is at a loss. Actually, RBI has made this change in the rules to protect the interests of bank customers. In case of any damage to the contents of the locker due to the negligence of the bank, as per RBI norms, will be eligible to pay. It is the responsibility of the banks to take all steps for the security of the premises in which the lockers are located.

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RBI announced that it has extended the deadline for banks to renew the agreement with customers till 31 December 2023. RBI said that it has come to its notice that a large number of customers have not signed the new agreement. In many cases, banks have not even informed the customers having lockers that before January 1, 2023, customers have to sign the new agreement. The RBI said in its notification that according to the revised instructions, the Indian Banks’ Association is required to execute its draft model agreement.

Due to these things, the deadline for renewing the agreement for banks has been extended to 31 December 2023. In its notification, RBI said that by April 30, 2023, banks will have to inform each of their locker keeping clients. Banks will have to ensure that 50 per cent by June 30, 2023 and 75 per cent by September 30, 2023 of existing customers sign the new agreement.

According to RBI, banks are advised to take concrete steps to make it easier for their customers to enter into new agreements such as stamp paper, franking, execution of electronic agreements, e-stamping, and also provide copies of agreements to customers. As per the RBI notification, operations in lockers which have been suspended due to non-compliance of an agreement till January 1, 2023, should be unfreezed immediately.

RBI has asked IBA to review and revise the Model Agreement to ensure that the requirements of the circular dated August 18, 2021 are complied with and the revised version can be made available to all banks by February 28, 2023.

What is the new locker agreement

RBI had issued the guideline on 8 August 2022. According to this, if the goods of the customer are damaged then it will be the responsibility of the banks. Along with this, the customers were asked to sign the bank locker agreement by December 31, whose deadline has been extended to December 31, 2023. Along with this, customers will have to be informed about the change in locker rules through SMS and other means.

Under the new rule, if there is any loss, then this responsibility will be directly of the bank and it will have to pay compensation. If the loss is due to the fraud of the bank employee, then 100 times the rent of the locker will have to be paid to the bank. However, if the locker is affected by natural calamity or otherwise, the bank will not be responsible for compensation. If the customer taking the locker facility dies, then as per the new agreement, the nominee will get the locker facility.

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