What will we Read in this Article? In this article we will read about RBI’s Revised Bank Locker Rules which will be effective from 1st Of January 2023. According to the RBI’s revised Bank Locker Rules/guidelines, banks need to ensure that no unfair terms or conditions are incorporated in their locker agreements. The central bank has mandated that all banks must offer updated locker agreements to their customers who use safe deposit lockers. The RBI has instructed all lenders to use the Indian Banks’ Association IBA-drafted Model Locker Agreement, which is said to be in line with the Supreme Court’s orders and guidelines.
RBI Launched Retail Central Bank Digital Currency (CBDC) on Pilot Basis
What is SAARC Currency Swap Framework? | RBI Signed Agreement With Maldives
Let’s have a look at the RBI’s revised Bank Locker Rules/guidelines:
The RBI has said that it is mandatory for banks to install CCTV to monitor the locker rooms. Besides, it has also asked the banks to keep the data of CCTV for 180 days. This will help in checking if any discrepancy occurs.
The RBI has also noted that banks make the availability of lockers public by displaying the information on a display board within the bank. The customers should be apprised of the list of empty lockers, the waiting list for the locker, and the number on the waiting list.
In order to protect customers from fraud, the RBI directed that the respective banks should send SMS and e-mails every time a customer accesses his locker. This alert will protect customers from fraud.
The banks can now demand a term deposit at the time of allocation of a locker that would be taken as the rent for three years. For existing locker holders, banks cannot insist on such Term Deposits or from those who have satisfactory operative accounts.
Q. When did RBI declare new guidelines on Locker?
Ans. RBI’s new guidelines on Locker were declared on August 8, 2021, and came into effect on January 1, 2022.
Q. Which are RBIs New Rules about compulsory CCTV for Bank Lockers?
Ans. The RBI has said that it is mandatory for banks to install CCTV to monitor the locker rooms. Besides, it has also asked the banks to keep the data of CCTV for 180 days. This will help in checking if any discrepancy occurs.
Q. When will RBI’s Revised Bank Locker Rules Be Effective?
Ans. RBI’s Revised Bank Locker Rules To Be Effective From 1st Of January 2023
Ans. RBI’s new guidelines on Locker were declared on August 8, 2021, and came into effect on January 1, 2022.
Ans. RBI's Revised Bank Locker Rules To Be Effective From 1st Of January 2023
Ans. The RBI has said that it is mandatory for banks to install CCTV to monitor the locker rooms. Besides, it has also asked the banks to keep the data of CCTV for 180 days. This will help in checking if any discrepancy occurs.
Accessing previous year question papers from the Chhattisgarh Judiciary provides invaluable insights and preparation opportunities…
Bihar Public Service Commission conduct Bihar Judiciary for the Civil Judge in state. Previous year…
Reviewing previous year question papers of the Arunachal Pradesh Judiciary Exam can provide valuable insights…
Thermal power plants, alternatively referred to as combustion power plants, operate by harnessing the energy…
IPS stands for the Indian Police Service, a prestigious group that collaborates with the IAS…
Navratna Companies are nine top-notch government-owned businesses in India known for their outstanding performance and…