The RBI has made significant changes to bank locker standards in order to ensure client safety. If you are considering opening a bank locker or already have one, it is critical that you are aware of the new requirements.
The RBI changed the restrictions after receiving several complaints from bank locker clients.
The new regulations have taken effect on January 1, 2022. If you are unfamiliar with these guidelines, we will explain what modifications have been made.
RBI New Locker rules
The majority of consumers have complained about their belongings being taken from their locker. To prevent this, the RBI has enacted severe regulations. This has improved the banks’ accountability.
If something is stolen from your locker or if there is any kind of disturbance, the bank must compensate the consumer 100 times the locker rent. Banks can no longer claim that they are immune from theft.
Banks will now be required to install CCTV to monitor the locker rooms. In addition, it has been mandated that CCTV data be retained for 180 days. This will aid in the detection of any discrepancies.
Moreover, in the event that a customer reports a disturbance or theft to the bank, the bank must maintain a record of the CCTV footage until the police investigation is completed.
In order to safeguard clients from fraud, the RBI has mandated that banks send SMS and e-mails to customers whenever they access their locker. Customers will be protected from fraud thanks to this alert.
According to the Reserve Bank’s new standards, banks can no longer provide consumers with half-completed or incorrect information concerning lockers. They’ll have to make the list of empty lockers, the locker waiting list, and the number of people on the waiting list public.
These must be displayed on the bank’s bulletin board. They will also be required to accept all applications for opening the locker and notify clients of the waiting list.