Five out of 10 customers might lose out on their lockers

RBI instructions for renewal of bank lockers: Customers asked to update paperwork, deadline ended on Jan 1, 2023

VAIBHAV PARWAT

Aurangabad: The Reserve Bank of India (RBI) has recently modified the rules governing bank lockers. One of the major changes is increasing the rental of lockers. The second change requires fresh paperwork to be completed on stamp paper and submitted before the due date of January 1, 2023. However, the change has caught most locker holders by surprise as this notice was sent through SMS a few days before the deadline.

Bank lockers have long been considered a safe haven to keep emergency cash, valuable ornaments or property papers. However, the change has caught most locker holders by surprise as the notice from some banks came through SMS barely 5 to 10 days before the deadline while some banks sent it as late as December 30, 2022 expecting consumer compliance by Jan 1, 2023.

For those residing outside the country, the bank notification was a shock as there was no way for them to comply with the needful. While some customers have received messages regarding the bank locker agreement, others are saying that they haven't got any such instructions from their banks. It must be noted that there is no clarity yet on whether the date has been extended or not.

Faith of thousands of lockers undecided

The last minute mobile message has caught most bank locker holders by surprise, going by the rising consumer complaints at local bank branches in the city. There are around 40,000 lockers available in banks across the district. However, only 40 to 50 per cent of these lockers are updated according to the new regulation. The remaining lockers are yet to be updated. Hence five out of ten users might not be able to operate the locker. This leaves a question mark on the consequences for such locker-holders as the deadline has already lapsed.

What should customers do

"If someone has not renewed the agreement, it's better to reach out to the bank and update the locker agreement. It is also advisable that they access their lockers at least once a year. Banks are permitted to break them open using the protocols laid in the locker agreement. To avoid such troubles, it is best to operate the account at regular intervals," said bank manager Lalith Shetty.