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<\/p>\nThe Reserve Bank of India on Monday gave banks time till end of December 2023 to complete renewal of agreements for the existing safe deposit lockers of customers.<\/p>\n
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Banks were earlier required to complete the process by January 01, 2023.<\/p>\n
The central bank has asked them to complete work in phases with intermediate milestones of 50 per cent by June 30, and 75 per cent by September 30.<\/p>\n
Further, lockers that have been frozen for non-execution of agreement by January 1 should be unfrozen with immediate effect, RBI said in a statement today.<\/p>\n
On August 18, 2021, RBI had asked banks to enter into revised agreements with existing locker holders by January 1.<\/p>\n
However, it noticed that a large number of customers were yet to sign the revised agreement.<\/p>\n
In many cases, the banks were yet to inform customers about the need to do so before the stipulated date (January 1, 2023), RBI added.<\/p>\n
Banks should make necessary arrangements to facilitate execution of the revised agreements by ensuring the availability of stamp paper, etc.<\/p>\n
The August 2021 guidelines pertain to customer due diligence, model locker agreement, locker rent, security of strong rooms, and attachment and recovery of contents in a locker and the articles by any law enforcement authority, among others.<\/p>\n
RBI further said there is a need for revision in the model agreement drafted by the Indian Banks’ Association (IBA) to fully comply with the revised instructions.<\/p>\n
“IBA is being advised separately to review and revise the model agreement to ensure that it complies with the requirements of circular dated August 18, 2021 and circulate a revised version to all banks by February 28, 2023,” it said in a circular.<\/p>\n