The Reserve Bank of India (RBI) on Wednesday directed banks to maintain a branch-wise list of vacant lockers as well as a wait-list for the purpose of allotment of lockers and ensure transparency in allotment of lockers. Revised instructions will come into effect from January 1, 2022, the RBI said.
“In order to facilitate customers making informed choices, banks shall maintain a branch wise list of vacant lockers as well as a wait-list in Core Banking System (CBS) or any other computerized system compliant with Cyber Security Framework issued by RBI, for the purpose of allotment of lockers and ensure transparency in allotment of lockers," the RBI said.
The banks, the central bank said, shall acknowledge the receipt of all applications for allotment of locker and provide a wait list number to the customers, if the lockers are not available for allotment.
According to the new guidelines, the existing customers of a bank who have made an application for locker facility and who are fully compliant with the CDD (Customer Due Diligence) criteria may be given the facilities of safe deposit lockers/ safe custody article subject to on-going compliance.
Customers who are not having any other banking relationship with the bank may be given the facilities of safe deposit locker/safe custody article, it said.
The RBI said that banks shall incorporate a clause in the locker agreement that the locker-hirer/s shall not keep anything illegal or any hazardous substance in the Safe Deposit locker. "If the bank suspects the deposit of any illegal or hazardous substance by any customer in the safe deposit locker, the bank shall have the right to take appropriate action against such customer as it deems fit and proper in the circumstances," it added.
The central bank further states that banks shall have a Board approved agreement for safe deposit lockers. For this purpose, it said, banks may adopt the model locker agreement to be framed by IBA. "This agreement shall be in conformity with these revised instructions and the directions of the Hon’ble Supreme Court in this regard. Banks shall ensure that any unfair terms or conditions are not incorporated in their locker agreements," it said.
"The terms of the contract shall not be more onerous than required in ordinary course of business to safeguard the interests of the bank. Banks shall renew their locker agreements with existing locker customers by January 1, 2023," the RBI said.
Settlement of Claims in case of death of a Customer
The RBI said the banks shall have a Board approved policy for settlement of claims. It has also asked the banks to formulate policy for nomination and release of contents of safety lockers/safe custody article to the nominee and protection against notice of claims of other persons.
"In order to ensure that the articles left in safe custody and contents of lockers are returned to the genuine nominee, as also to verify the proof of death, banks shall devise their own claim formats, in terms of applicable laws and regulatory guidelines," it said. Banks shall settle the claims and shall release contents of the locker to survivor(s) / nominee(s) within a period not exceeding 15 days from the date of receipt of the claim subject to the production of proof of death of the depositor, the RBI added.
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RBI issues new guidelines for locker in banks - Mint
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