RBI revised instruction on Banks Safe Deposit Lockers/Safe Custody Article Facility

Safe Deposit Lockers/Safe Custody Article Facility provided by the banks – RBI Revised Instructions

RBI has issued revised instruction on Safe Deposit Lockers / Safe Custody Article Facility provided by the banks. Recently the Supreme Court had fixed liability of the banks on lockers operation. The Apex Court had held that Banks cannot wash off hands and claim no liability.

The revised Instructions take care of principles enumerated by the Hon’ble Supreme Court on the subject.

The revised instructions are issued in supersession of the earlier instructions issued by the Reserve Bank on the subject. The banks have been advised to frame their own Board approved policy/ operational guidelines in this regard taking into account the revised instructions.

The revised instructions shall come into force with effect from January 1, 2022 and be applicable to both new and existing safe deposit lockers and the safe custody of articles facility with the banks.

Safe Deposit Locker / Safe Custody Article Facility- Revised RBI Instructions

(Circular No. DOR.LEG.REC/40/09.07.005/2021-22 dated August 18, 2021)

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