Dec 31 new deadline for revised pact with locker holders

New Delhi, January 23

The RBI on Monday extended the time till December-end for banks to enter into revised agreements with safe deposit locker holders as a large number of customers are yet to do so.

Fresh guidelines

Banks have been asked to notify all their customers of the revised requirements by April 30, 2023 and ensure that at least 50% and 75% of their existing customers have executed the revised agreements by June 30 and September 30, 2023, respectively

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In August 2021, the RBI had asked banks to enter into revised agreements with the existing locker holders by January 1, 2023 in view of various developments in the area of banking and technology, nature of consumer grievances and also the feedback received.

“However, it has come to the notice of RBI that a large number of customers are yet to sign the revised agreement.

“In many cases, the banks are yet to inform the customers about the need to do so before the stipulated date (January 1, 2023),” the central bank said while extending the deadline. Banks have been asked to notify all their customers of the revised requirements by April 30, 2023 and ensure that at least 50% and 75% of their existing customers have executed the revised agreements by June 30 and September 30, 2023, respectively.

Banks also have to facilitate execution of the fresh/supplementary stamped agreements with their customers by taking measures such as arranging stamp papers, electronic execution of agreement, e-stamping, and providing a copy of the executed agreement to the customer.