Confusion prevails over new bank locker agreement norms

Vijay C Roy

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Chandigarh, January 9

Though the RBI has mandated banks to renew their locker agreements with customers by January 1, 2023, many customers are yet to get it done because of confusion, ignorance and lack of communication from the banks concerned. Under the new rules, a locker agreement on a stamp paper is required to be submitted to the bank concerned.

According to information, some banks had sent messages through SMS to their customers around 20 days before the deadline while others started sending messages only a few days ago to comply with the new norms by January 1, 2023. Many customers have complained that they haven’t received any such message from their banks.

“Dear customer, you are requested to visit your branch and execute the revised locker agreement at the earliest,” reads an SMS sent by a public sector bank.

“Many people go on holidays in mid-December because of vacations. For those travelling or those residing outside the country i.e. NRIs, the bank notification has come as a shocker as they could not contact their bank within the stipulated time,” said Prabhsaran Singh, a customer.

According to senior bankers, though it is difficult to quantify the percentage of customers who have signed agreement, definitely it is very low. There are some issues which customers are facing. “Firstly, some of the customers in semi-urban branches are finding it difficult to get stamp paper, especially in the areas where there is no provision of e-stamp paper. Secondly, it’s difficult for the NRIs to get the new agreement signed,” said a senior bank official.

Customers have also complained about the value of stamp paper required for the agreement and whether banks will provide these. A banker, on the condition of anonymity, said they were asking customers to get it themselves.

An agreement between a bank and a customer for a safe deposit locker facility must be written on stamped paper. The new locker agreement has several benefits. “It will help ensure that the customer is compensated up to 100 times the locker rent resulting from shortcomings or negligence at the bank’s end,” said an official.