Bank Locker Revised Agreement: RBI’s big announcement on bank locker agreement, Locker holders check immediately otherwise……..

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Bank Locker revised Agreement: RBI's big announcement on bank locker agreement, Locker holders check immediately otherwise........
Bank Locker revised Agreement: RBI's big announcement on bank locker agreement, Locker holders check immediately otherwise........

RBI has taken an important step for bank locker. RBI has extended the deadline for banks to enter into revised agreements with safe deposit locker holders till the end of December. The reason for this is that a large number of locker holders have not been able to do so yet.


RBI: The Reserve Bank of India has extended the deadline for banks to enter into revised agreements with safe deposit locker holders till the end of December. The reason for this is that a large number of locker holders have not been able to do so yet. In August 2021, the Reserve Bank of India had asked banks to enter into revised agreements with existing locker holders by January 1, 2023 in view of various developments in the field of banking and technology, nature of consumer complaints as well as responses received.

Bank
The central bank said in a statement, “It has come to the notice of the Reserve Bank that a large number of customers have not yet signed the revised agreement. In many cases, banks have not yet informed customers about the need to do so before the stipulated date (January 1, 2023).” The deadline for completion has been extended till December 31, 2023.

Bank locker
Banks have been asked to inform all their customers about the revised requirements by April 30, 2023, and ensure that at least 50 per cent and 75 per cent of their existing customers are covered by June 30 and September 30, 2023, respectively. Get the amended agreements executed.

Locker
Banks will also have to facilitate the execution of fresh/supplementary stamped agreements with their customers by taking measures such as arrangement of stamp paper, electronic execution of agreement, e-stamping and providing a copy of the executed agreement to the customer. In cases where the operation of lockers has been stopped due to non-agreement till January 1, 2023, the central bank has directed to remove such ban immediately.