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WorldAsiaBank Locker Agreement: RBI's strictness regarding bank locker agreement, banks have time till June 30

Bank Locker Agreement: RBI’s strictness regarding bank locker agreement, banks have time till June 30

RBI has directed banks to inform customers about renewal of bank locker agreement or amendment in rules. Each bank has been asked to settle 50 per cent of the change in locker agreement before June 30.

At the same time, the deadline has been announced for the rest as well. That’s why other banks including SBI are sending locker related alerts to their locker customers. As per the Bank Locker Agreement Policy 2023, at the time of providing the locker to the customer, the bank enters into an agreement with the customer.

A copy of this Agreement on paper duly stamped and signed by both the parties is given to the Locker Hirer for his/her rights and responsibilities. At the same time, the original copy of the agreement remains with the branch of the bank where the locker facility is provided to the customer.

RBI has made some amendments in the locker rules with effect from January 1, 2023, after which the need to sign renewal locker agreement is being emphasized. The Reserve Bank of India (RBI) has extended the deadline for existing safe deposit locker customers to process agreement renewal in a phased manner. RBI said the banks have not informed the customers about the need to sign the revised agreement.

At the same time, the changed instructions may also not be followed. RBI has fixed June 30 and September 30, 2023 as the last date for banks for this work. RBI said that the deadline has been extended to remove all these difficulties and to make the process easy for the customers. Banks are advised to inform all their customers about the revised requirements in the meantime.

RBI has said that banks will have to ensure that 50 per cent of customers sign the revised bank locker agreement by June 30, 2023. RBI said that banks are being given time till 30 September 2023 to complete 75 per cent of this work. So that, the customers can get to know about the revised locker agreement and sign the same.

After the strictness of RBI, SBI has issued an alert to its customers saying that a revised or supplementary locker agreement has been issued incorporating the rights of the customer. Customers availing locker facilities from SBI are requested to approach their locker holding branch and get the revised locker agreement executed as applicable.

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