New bank locker rules: Will get nothing if content is lost due to ‘Acts of God’

The Reserve Bank of India (RBI) has issued revised instructions for all banks regarding locker management. The revised instructions will be applicable to both new and existing safe deposit lockers and the safe custody of articles facility with the banks. “The revised instructions will come into force with effect from 1 January 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,”the central bank said in a notification.
To facilitate customers making informed choices, banks should maintain a branch-wise list of vacant lockers as well as a wait-list in the core banking system in order to ensure transparency in the allotment of lockers.
The central bank said the banks should acknowledge the receipt of all applications for allotment of the locker and provide a waitlist number to the customers if the lockers are not available for allotment.