Safety to liability: What changes for bank locker customers from Jan 1

Rules for accountability and obligations enhanced after RBI mandate, say experts

The Reserve Bank of India (RBI) has mandated banks to renew their locker agreements with customers by January 1, 2023.

"Although the rules were promulgated by the RBI in August 2021, their enforcement has been long overdue," says Suvigya Awasthy, associate partner, PSL Advocates & Solicitors. Banks began implementing operational standards on January 1, 2022, but customers must sign a new bank agreement to be eligible for the updated regimen.

Chanda Paramesh, who works in a fintech company, says she has two lockers but "hasn't heard from either bank regarding any such new agreement." It's best to contact your bank