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RBI is going to revise bank locker rules from January 1st 2023

Published on December 27, 2022
Current Context: The bank locker regulations have been changed by the Reserve Bank of India (RBI) as of January 1, 2023. All current locker depositors must provide documentation proving their eligibility for a renewed locker arrangement in this regard. Prior to the deadline, they must sign a renewal agreement.
RBI is going to revise bank locker rules from January 1st 2023
  • Lenders are instructed to utilize the model locker agreement that the Indian Banks' Association (IBA) drafted in accordance with the rules and directives of the Supreme Court.
  • To protect the bank's interests, the agreement's terms cannot be "more onerous than required in the ordinary course of business."
  • In the event that the valuables kept in the vaults are lost due to a fire or building collapse, depositors may now receive up to 100 times the bank fees. However, the bank is not responsible for any harm brought on by natural disasters or other "Acts of God."
  • The Reserve Bank of India (RBI) urges banks to install CCTV (closed-circuit television) cameras at the entrance and exit points of the safe and other operational locations. It requires that the recording be kept for a minimum of 180 days.
  • The bank should keep the CCTV recording until the police investigation is finished and the dispute is resolved if any customer complains that their locker was entered without their knowledge or permission or if any theft or security violation is noticed/observed.

Question: 

Q.1 When is the RBI going to revise its bank locker policy?
a. 1st January 2023
b. 26 January 2023
c. 31st December 2023
d. 1st march 2023
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