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Reserve Bank Of India (RBI) Issues Modified Guidelines For Locker Management After Top Court's Orders: Check Here

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RBI's new guidelines for the locker management system will enter into force from January 1The Reserve Bank of India (RBI) provided revised directions for all banks relating to locker management following orders of the Supreme Court on Wednesday, August 18.

In its circular, the RBI said that to ensure transparency in the allotment of lockers, banks ought to preserve a branch-wise list of the uninhabited lockers and a wait-list in the core banking system or any other computerised system - which is certified with cyber security framework provided by the controling authority.

The revised guidelines for the locker management system will enter into force from January 1, 2022, according to the RBI, and will apply to both new and existing safe deposit lockers as well as the safe custody of posts center with the banks.For the model locker arrangement, the RBI mentioned that at the time of allocation of the locker to a client, the bank needs to enter into an arrangement with that consumer to whom the locker facility is provided, on a paper appropriately stamped.The reserve bank added that a copy of the locker contract in replicate signed by both the celebrations ought to be provided to the locker-hirer to understand his/her rights and responsibilities.

The original arrangement needs to be retained with the bank's branch where the particular locker is situated.The banks need to acknowledge the invoice of all applications for the allotment of the locker and supply a waitlist number to the consumers if the lockers are not offered for allocation, according to RBI.Earlier this year, the Supreme Court bench of Justices Mohan M Shatanagoudar and Vineet Saran asked the RBI to frame uniform rules for all banks throughout the nation concerning the locker management system within a period of six months.




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