August 09, 2017

Banks To Ensure Customers' Lockers Remain Safe: RBI


On August 8, the government informed Parliament that the RBI has asked banks to ensure customers' lockers remain safe and there is "no negligence" that could render banks liable to claims by the locker-holders.

Besides, banks are being probed by the Competition Commission of India for alleged cartelization in locker services. Finance Minister Arun Jaitley said that there was no specific circular asking banks to compensate customers for theft of articles from bank lockers.

Jaitley said, "Banks have been advised by the RBI that it would be their responsibility to ensure the lockers remain safe and there is no negligence that could render them liable to claims by locker-holders."

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