According to the new rules of RBI, the accountability of banks regarding the jewellery, money or other valuables of customers kept in bank lockers has increased, whereas earlier it was not so. There are provisions to compensate the customers in case of loss. Let us know about it in detail.
Many people in the country consider bank locker to be a safer place than home safe, because they feel that their money, jewelery or other important documents will be safer here. Of course, bank lockers are secure.
But, in case of any untoward incident, if the money or jewelery kept in the bank locker gets damaged then who will compensate for it?
Generally you must have noticed that when taking a hotel, bus or rented house, it is always the responsibility of the customer or the tenant for the safety of their belongings. It is written in hotels and buses that passengers should safeguard their luggage themselves or do not leave valuables in the room.
Well, this was the argument the bank had been giving that it would not bear any responsibility if there is damage to the customers’ belongings kept in their lockers. But, after objections raised in many cases related to bank lockers, RBI fixed the accountability of banks regarding lockers.
Responsibility of banks increased in new rules
According to the new bank locker rules implemented in February this year, if a person keeps cash, jewelery or any other valuable item or document in a bank locker and it gets damaged for any reason due to the negligence of the bank, then the bank will be fully responsible for it.
Customers will get compensation up to 100 times
RBI has clarified in its new rules that if there is any damage to the customer’s belongings kept in the bank locker, then the bank will be obliged to pay 100 times the annual rent of the locker to the customer.
At the same time, if the locker is damaged due to fire or robbery, the bank will still compensate for it, because such incidents are considered negligence on the part of the banks. In such a situation, banks cannot under any circumstances say that this is not their responsibility.
