The Reserve Bank of India (RBI) has introduced a phased renewal process for bank locker agreements, setting a deadline of December 31, 2023. Account holders who submitted their bank locker agreements on or before December 31, 2022, are required to sign revised agreements and submit them to their respective bank branches.
**Renewal Process and Bank Responsibilities:**
To facilitate the execution of fresh or supplementary stamped agreements, banks must take necessary measures such as arranging stamp papers, electronic execution of agreements, franking, and e-stamping. Upon execution, banks are required to provide a copy of the agreement to the customer. At the time of locker allotment, an agreement is entered into between the bank and the customer, signed by both parties. While the bank retains the original agreement at the branch housing the locker, a duplicate copy is furnished to the locker hirer.
**Safety and Security Measures:**
The RBI places the responsibility on banks to ensure the safety and security of the premises housing safe deposit vaults. Banks must take all necessary steps to prevent incidents such as fire, theft, burglary, robbery, dacoity, and building collapse arising from their own shortcomings, negligence, or any act of omission/commission.
**Liability for Damage:**
Banks are not held liable for damage or loss of locker contents due to natural calamities or acts of God, including floods, thunderstorms, earthquakes, and lightning. However, banks are expected to exercise due care in protecting locker systems from such catastrophes. The customer bears responsibility for any loss or damage to locker contents resulting from their fault or negligence, according to the RBI.
**Compensation and Customer Rights:**
In instances where banks are found responsible for loss or damage to locker contents, they are obligated to compensate the customer. It is the bank’s duty to ensure the safety and security of lockers and their premises. Customers have the right to be informed of their rights and responsibilities through the signed locker agreement, as emphasized by the RBI.
