Cap on term deposit while opening bank locker will end arbitrariness

The Reserve Bank of India (RBI) has issued revised guidelines on how banks should operate their safe deposit lockers. The new provisions are expected to enhance transparency for customers.
 
Method to locker allotment
 
Banks will have to maintain a branch-wise list of vacant lockers and a waitlist of customers who want lockers. “With a centralised repository, customers will be able to know whether lockers are available in their home branch or other branches, and take informed decisions,” says Adhil Shetty, chief executive officer, Bankbazaar.com.
 
When a customer applies, the bank will have to provide him with a waitlist number. This will curtail out-of-turn allotments.
 
Limit set on term deposits
 
Banks often ask customers to start