Locker users will be required to sign a new agreement with their respective banks, and the Reserve Bank of India will request revisions to the existing document.

The revised security locker agreements now clearly specify that lockers can only be used for legitimate purposes, such as storing jewelry and documents, and not for storing cash or currency, weapons, drugs, contraband, or dangerous substances.

The license granted for the use of the box office is solely for the customer’s own use and is non-transferable.

The agreements, which are based on the Banking Association of India model agreement, state that the customer will be responsible for misuse of the bank-provided locker key or generated password to access the locker. The bank will not be responsible for the unauthorized use of a code or password.

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The customer shall have the right to use the locker to store their belongings and to expect reasonable care from the bank to protect said belongings and, in the event that the bank does not do so, to take advantage of the resources that may be available from time to time under the applicable laws and regulations.

Banks will bear the cost of stamp papers while executing add-on agreements with existing locker renters only. For others, the cost of stamp paper will be borne by customers.

Banking expert V Viswanathan said that in case a client has already signed an agreement that is in force, the bank should bear the costs of executing the agreement.

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“The bank only wants to replace that agreement with a new one to comply with the direction of the regulator. The customer should be encouraged to sign this agreement by the bank offering to bear the costs on their own to ensure 100 percent compliance,” he said.

The bank will have the right to recover the rent and any other expenses incurred by the bank in relation to the locker in charge of the client’s account in the event that the same is not paid by the client in advance or due, depending on the model. agreement.

In addition, a bank may deny access to the locker if the rent due for the locker remains unpaid and a customer fails to provide proof of identity when required by the bank at the time of requesting locker access.

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