MUMBAI (CU)_In February this year, the Supreme Court of India directed the country’s central bank to lay down regulations regarding locker facilities offered by banks to customers. In its ruling, the justices of the highest judicial court pointed out that in the digital era that we live in, there has been major technological advancements in lockers, from dual key operated to those which function electronically. This, the bench noted, makes the systems vulnerable to criminal manipulation, and enabling offenders to access lockers without the knowledge of customers.
Therefore, they called on the Reserve Bank of India to lay down the rules and regulations in relation to the responsibility owed by banks for any loss or damage to the contents of the locker. Accordingly, on Wednesday (18 August), the central bank issued revised instructions on these services offered by banks, after giving due consideration to feedback given by Indian Banks’ Association (IBA), and other individual banking organisations in the country.
Under the new regulations, banks which offer…
