SBI Bank customers: SBI keeps on issuing frequent alerts to its customers for signing new locker agreement. RBI has asked all the banks to renew the locker agreement with their customers.
SBI Bank customers: If you use the locker facility in the bank, then this news is for you. Customers having lockers in different banks will have to sign the revised locker agreement by June 30. After the release of new bank locker rules by RBI, all the banks have started renewing the locker agreement with their customers. In such a situation, SBI is also continuously issuing alerts to its customers to sign new locker agreement.
Banks were asked by the central bank to modify all locker agreements with customers as per the new norms from January 1, 2023.
However, as per the press release dated January 23, 2023, banks may complete the renewal process in phases. Under this, up to 50 percent work should be completed by 30 June 2023, while 75 percent work should be completed by 30 September 2023.
In such a situation, up to 75 percent of the work should be completed by September 30. For this reason SBI is sending alerts to its customers. Customers should also do this work quickly. Banks have the last deadline till December 31, 2023.
What is the whole matter?
The apex banking regulator i.e. RBI had made it mandatory for all the banks in the country to comply with the revised bank locker rules. The amendments made by the Reserve Bank of India in respect of locker agreements become effective from January 1, 2023. In such a situation, all the banks want you to sign a new agreement.
If you had submitted a changed bank locker agreement on or before December 31, 2022, locker holders need to re-sign and submit an updated locker agreement.
What is RBI’s concern?
Efficient management of safe deposits, transparency and security were the prime concerns of RBI and thus, in order to strengthen the safety, transparency and safe deposit management, the Reserve Bank of India revised its guidelines for banks.
These guidelines apply not only to new safe deposit lockers but also to existing safe deposit lockers and other bank facilities.
New agreement beneficial for customers
As per the revised locker agreement, which was released by the RBI on August 8, 2022, if someone’s belongings are damaged, the bank will be liable to make up the difference in value. The deadline for customers to sign the bank locker agreement was set at December 31, 2022, but has now been extended to December 31, 2023. Additionally, customers will be informed about changes in locker restrictions by SMS and other channels.
Under the new rule, the bank will be fully responsible for any loss and will have to pay compensation. If the loss is due to staff fraud then the bank will have to pay 100 times the locker charges. However, if the locker is damaged due to natural calamity or any other reason, the Bank will not be liable for compensation. If a customer who owns the locker dies, the nominee will take over the locker facility.
