INSUBCONTINENT EXCLUSIVE:
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.
