RBI Bank Locker Rules: The robbery incident at the Indian Overseas Bank in Lucknow has raised questions on the security of lockers in banks. The Reserve Bank of India has made several rules regarding this, which is important for every customer to know.
RBI Bank Locker Rules: The robbery at the Chinhat branch of Indian Overseas Bank in Lucknow has shocked everyone. The robbers broke 42 lockers and stole the items kept in them. However, the police took immediate action in this case and killed two robbers in an encounter, while three have been arrested, but the videos of people crying and wailing after losing their belongings kept in the lockers are going viral on social media. This incident has raised questions about the security of lockers in banks that claim to have all the security arrangements. Along with this, questions have also started arising in the minds of people that what rules have been made in the interest of customers in case of such an incident? What is the arrangement for the guarantee of the jewelry kept in the locker?
42 out of 90 lockers were looted
First of all, let us tell you about this incident, there were 90 lockers in the Chinhat (Matiyari square) branch of Indian Overseas Bank, out of which 42 were broken and looted by the robbers. This robbery was carried out by cutting a 2.5 feet hole in the wall of the bank in the early hours of Monday, 23 December. According to Deputy Commissioner of Police (Eastern Region) Shashank Singh, there were seven members in the robbery gang, out of which two criminals have been killed in an encounter, while three have been caught.
On the other hand, the bank has issued a statement saying that this incident happened despite adequate security measures, but it is fully committed to protecting the interests of its customers. The bank has assured that we are actively engaged with the affected customers to address their concerns and provide necessary assistance. We have insurance coverage for such incidents and the safety of our customers and their assets is our top priority.
The incident raised questions on the security of bank lockers
Things will be safe in bank lockers, there is a risk in keeping them at home. With this thinking, people keep precious things, especially jewelry, in bank lockers. Seeing such incidents and videos of customers crying, questions have been raised on their security, is the bank locker really safe? In such a situation, it is important for you to know the rules related to it before keeping things in the bank locker. Like does the bank take guarantee of the things kept in the bank locker? If the things kept in the bank are stolen, then what happens?
RBI has made these rules for lockers
The Reserve Bank has issued new rules regarding Safe Deposit Locker in August 2022. Under this rule, banks had to revise the agreement with the existing locker holders by January 1, 2023. These rules are applicable to new customers from January 2022 itself. The biggest thing among these is that in case of any customer incurring loss, the bank will no longer be able to back out citing the conditions, rather the customer will be fully compensated.
Banks cannot escape responsibility
If we look at the revised rules of RBI, then it is necessary for the banks to ensure that no unfair condition has been included in the locker agreement made by them, so that the bank can easily get away if the customer suffers a loss. RBI has actually done this because it is often seen that banks try to escape their responsibilities by citing the terms of the agreement.
As per RBI rule, banks are entitled to pay in case of any loss of contents of lockers due to negligence of the bank. It is the responsibility of the banks to take all appropriate steps to safeguard the premises in which the lockers are kept. It is the responsibility of the bank to ensure that no loss due to fire, theft/robbery, collapse of building occurs in the premises of the bank due to its own shortcomings, negligence and any omission/commission.
In which cases do locker users suffer loss?
According to the new RBI rule regarding lockers, banks will be completely responsible for the loss from the locker. That is, if the customer of the locker suffers financial loss in case of fire, theft, robbery, building collapse in the bank, then the bank will bear it, because the bank can prevent such accidents. However, in case of damage or loss of the things kept in the locker due to natural disasters like earthquake, flood, the bank will not be responsible, that is, the customer will have to bear the entire loss.
What is the condition regarding compensation to customers?
There is also a condition regarding compensation here. The responsibility of the banks will be only up to 100 times the annual rent of the locker, so you should avoid keeping things worth more than 100 times the annual rent in the locker. For example, if the annual rent of the locker is Rs 1000, then if the things kept in the locker go missing, the customer will get 100 times the rent i.e. only Rs 1 lakh as compensation.
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