He suggested making disclosure of valuable assets kept in lockers mandatory.
With this, the banks can easily buy a group insurance policy for the hirers of lockers, he said.
In a letter written to Union Finance Minister Piyush Goyal, the chief minister said that if for some reasons, this is considered impractical, customers can at least be given a choice to disclose. The chief minister said that even if the banks do not get the lockers of even the subset of willing customers insured, this would help the bank and the government in quickly dealing with the claims, should an eventuality arise.
Moreover, this would be consistent with Government of India's drive to curb black money and promoting transparency in financial transaction, he said.
While highlighting the need for putting in place a policy framework in this regard, the chief minister said that people have immense faith in the public sector banks.
They keep their valuables in the lockers as they deem it a safe and secure place, he said.
Yet, the harsh fact is that the banks are not liable for the loss of valuables even when caused by a natural disaster or a criminal act, he said.
The legal reason behind this is said to be the non-disclosure clause in the locker agreement which provides that the hirer need not disclose the contents of the valuable items put in the locker by him, he added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)