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Bank Locker Rules: In India, if you have rented a locker in a government or private bank to keep jewelry or valuables safe, then you should be aware of the bank locker rules changed by the Reserve Bank of India (RBI). In the last few years, RBI has made significant changes in these rules.

Under these rules, you are required to sign a new locker agreement. If you do not sign the agreement, then there can be a risk for both you and the locker. Not only this, your locker can also be sealed by the bank. In such a situation, the customer taking a bank locker must sign the revised rental agreement.

If the rules are not followed, the locker will be sealed!

Even after the RBI deadline has passed, about 20 percent of bank locker holders have not yet signed the new agreement. These lockers can now be sealed. There is an important provision in the revised locker agreement: If the bank is unable to ensure the safety of the items kept in the locker, then the customer can seek legal remedies.

Action can be taken by the bank against customers who do not follow the rules related to the locker. RBI (RBI's latest updates) is monitoring this entire matter at its level.

Permission sought to send final notice-
According to a report, banks have contacted RBI. After this, banks can get permission to send final notice to the customers and seal the locker. The purpose of such action is to follow the rules and save banks from supervisory concerns. Banks are sending notices to customers for renewal of new locker agreements. According to the updated guidelines of the Reserve Bank of India, this process was to be completed by March 2024. If you have not done so yet, then you should contact your bank.

Despite repeated reminders, many customers did not come-
Earlier in August 2021, RBI (Reserve Bank of India) directed the banks to implement the new agreement with the existing locker holders by January 1, 2023, keeping in mind the complaints and feedback of the customers. Later this time limit was extended to December 2023. After this, it was further extended till March 31, 2024. A bank official says that some customers have not come despite repeated reminders. There are also some cases where there are legal cases between the concerned parties.

Will locker operations also be suspended?
Bank officials have sought permission from RBI to suspend locker operations and issue notices to customers for non-compliance with rules. They have also requested to extend the deadline of March 31, 2024, and give more time for compliance. Banks have suggested a new deadline of December 2025 for this.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.