If you use a bank locker facility and haven't signed the new locker rent agreement yet, please do so as soon as possible.
New Delhi: If you have a locker in a bank and haven't signed a new rent agreement with your bank, this news is crucial for you. Following instructions from the Reserve Bank of India (RBI), all banks are mandating that customers sign a new locker rent agreement. Customers who fail to complete this process may not only be denied locker access but could also have their lockers sealed.
RBI's Strictness and Banks' Preparedness
The Reserve Bank of India instructed banks to sign new locker agreements with their customers by March 2024. Now that this deadline has passed, the RBI has requested reports from banks on how many customers have signed the new agreement and how many remain outstanding.
According to experts, approximately 20 percent of locker holders have not yet signed the agreement under the new rules. This is why banks have requested permission from the RBI to send final warnings to these customers and subsequently seal their lockers.
Why is the New Locker Agreement Necessary?
The RBI amended locker-related guidelines in 2021, which came into effect in January 2022. These guidelines clarified the rights and responsibilities of both customers and banks. The aim of the new agreement is to improve customer protection and enhance transparency.
Key Features of the New Agreement
- If the bank's negligence results in damage to or theft of items stored in the locker, the customer can claim compensation.
- The bank must clearly include all terms and conditions related to the locker in the document.
- The customer can take legal action for any irregularities in the operation of the locker.
- The bank must maintain records of all activities related to the locker's details and operation.
Reminders Being Sent to Customers
Banks are constantly sending reminders to customers via SMS, email, and phone calls. However, a large number of customers have still not renewed their agreements. Banks have therefore appealed to the RBI for permission to send notices to these customers and restrict locker access.
A senior bank official, speaking on condition of anonymity, stated that some customers are so negligent that they have not responded despite receiving multiple reminders. The official also suggested that banks should be given an extension, until December 2025, to fully comply with RBI regulations.
Non-Compliance May Lead to Locker Sealing
Banks are actively seeking permission from the RBI to ensure compliance with their locker regulations. If a customer fails to sign the new agreement despite repeated appeals and reminders, the bank may temporarily seal the locker under legal procedures.
Under this process, the customer will receive a final notice clearly stating that the locker will be sealed if the agreement is not signed within the stipulated timeframe.
What Locker Holders Should Do
If you have a locker at any bank and haven't signed the new rental agreement, contact your bank immediately. You will need the following documents:
- Proof of identity (Aadhaar, PAN, etc.)
- Address proof
- Old locker agreement (if available)
- Passport-size photograph
Some banks are also offering online slot booking facilities to help customers avoid crowds and complete the process quickly.
Customer Awareness
Banks are continuously conducting customer awareness programs to encourage more people to complete the new agreement process. Information boards, posters, and digital notices have also been displayed at bank branches in this regard.
The RBI is also closely monitoring this issue. Experts in the banking sector believe that this new agreement will enhance transparency and accountability in locker services. This will also provide customers with peace of mind, knowing that their locker is fully protected.
