Is Bank Locker the Safest Option? (New Guidelines of Reserve Bank of India on Bank Safe Deposit Lockers)

Abstract

Regulated Entities (REs) are instructed by Reserve Bank on “Safe Deposit Locker Facility†which are provided by Commercial Banks. Due to the recent technological developments in the banking industry which in turn simplified the process of various products offered by the Commercial Banks.

Considering the Complaints and Grievances that are filed / approached with various Judicial Authorities (including Banking Ombudsman) and the Feedback received from all stakeholders, the Reserve Bank of India had reviewed the existing Guidelines on ‘Safe Deposit Lockers (SDL)’ and communicated the revised instructions to the Commercial Banks.

This review also took into consideration, the principles enumerated by Hon’ble Supreme Court of India in the case of ‘Amitabha Dasgupta vs United Bank of India’, (Judgment dated 19th February, 2021 in CA No. 3966 of 2010).

These Revised Instructions are to be implemented by Commercial Banks from January 1, 2022 and the same are applicable to Both (New and Existing Customers) who propose to avail or availed the Facility provided by the Banks.