Mumbai: The Reserve Bank of India (RBI) in August issued revised instructions for all banks regarding locker management following orders of the Supreme Court. The revised instructions will come into force with effect from January 1, 2022
The RBI said banks are advised to frame their own board approved policy/operational guidelines in this regard taking into account the revised instructions.
“The revised instructions will come into force with effect from January 1, 2022 (except where otherwise specified) and be applicable to both new and existing safe deposit lockers and the safe custody of articles facility with the banks.”
To facilitate customers making informed choices, banks should maintain a branch-wise list of vacant lockers as well as a wait-list in core banking system or any other computerised system compliant with cyber security framework issued by RBI for the purpose of allotment of lockers and ensure transparency in allotment of lockers.
The central bank said the banks should acknowledge the receipt of all applications for allotment of locker and provide a waitlist number to the customers, if the lockers are not available for allotment.
In February, the Supreme Court bench of Justices Mohan M Shatanagoudar and Vineet Saran asked the RBI to frame uniform rules for all banks regarding locker management within six months.
