The bank is not solely responsible for the contents of the locker, in certain circumstances the bank compensates for the loss of your contents. Know here in which situations the bank is responsible for the loss of the contents of the locker.
Everyone has gold and silver ornaments. But people don’t consider it safe to keep them at home, that’s why banks rent lockers and keep their jewelry and valuables in it. But if your valuables get stolen even from the bank locker then who is responsible for it? If you think that the bank will take responsibility for this, then you are thinking wrong because the bank is not fully responsible for the goods kept in the locker, in some special cases the bank compensates the loss of your goods. Know what is the rule of the bank regarding the goods kept in the locker?
Landlord-tenant relationship
When you take a locker from the bank, there is no relationship between you and the bank, between the bank and the customer, this relationship becomes like that of a landlord and a tenant. Just as the landlord gives his house on rent, but he is not responsible for the goods of the tenant, in the same way the bank gives his locker on rent, but the bank is not responsible for the goods kept in it. This is the reason why the borrower of the bank’s locker is not bound to tell the bank the value of the money, jewelry or valuables kept in the locker. When the bank does not know what and how much stuff is kept in the locker, then the bank can easily avoid the theft or loss of that stuff.
There is an agreement between the bank and the borrower
Whenever a person takes a locker of a bank, there is an agreement between the bank and the person taking the locker. This is called ‘Memorandum of Letting’. It clearly states- ‘In case of rain, fire, earthquake, flood, lightening, civil commotion, war, riots etc. or any other reason beyond the control of the bank, the contents of your locker will be liable to The bank will not be responsible for this. It is also written in this agreement that the bank will take utmost care and make better arrangements for the safety of your belongings, but the bank will not be responsible for the belongings kept in the locker.
What are the new rules of RBI
Due to the ever increasing complaints from the customers taking lockers in the bank, RBI has issued new rules, which have come into force from January 1, 2022. According to these new rules, now banks cannot say that they have no responsibility for the goods kept in the locker. In case of theft, fraud, fire or building collapse, the liability of the banks will be up to 100 times of the annual rent of the locker. Apart from this, the bank will have to take all necessary steps for the safety of the locker. Customer, whenever you access your locker, its alert will be given through e-mail and SMS through the bank. Now it is necessary to monitor the people coming and going in the locker room with CCTV. Along with this, the data of CCTV footage will have to be stored for 180 days. If in any event it is proved that the loss of the contents of the locker is due to the connivance of the bank staff or due to negligence in the security arrangements,
