New bank locker rules: RBI extends deadline for banks to renew locker agreements

The Reserve Bank of India (RBI) has announced that it has extended the deadline for banks to finish the process of renewing agreements for existing safe deposit locker customers in a phased manner by December 31, 2023. “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). Further, there is a need for revision in the Model Agreement drafted by the Indian Banks’ Association (IBA) to fully comply with the revised instructions,” RBI said in a notification on January 23, 2023. In light of the aforementioned factors, the deadline for banks is being gradually extended until December 31, 2023. By April 30, 2023, banks are advised to inform all their clients of the amended requirements. By June 30 and September 30, 2023, banks should make sure that at least 50% and 75% of their current customers have signed the revised agreements, stated the RBI.

News Source:- https://economictimes.indiatimes.com/wealth/save/rbi-extends-deadline-for-banks-to-renew-locker-agreements-check-details/articleshow/97254418.cms