The RBI has given an important message which will bring relief to the customers who are currently using the bank lockers. This means that the RBI has extended the deadline for banks to renew their contracts with their customers till December 31, 2023, from January 1. The RBI said that it has come to light that most of the customers have not yet signed the new contract and the banks have not properly communicated the need to sign the new contract to the customers who own the lockers.
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Now that the RBI has issued new guidelines, the Indian Banks Association (IBA) will now have to sign the draft model agreement. To compensate for this, the deadline for renewal of the contract has been extended to December 31, 2023. By April 30, 2023, banks will have to notify each of their locker-keeping customers, the RBI said. By June 30, 2023, 50 percent of current customers must sign the revised contract, and 75 percent of consumers must do so by September 30, 2023, it said. RBI has directed banks to take concrete steps to facilitate new contracts for customers, such as providing stamp paper, franking, execution of electronic contracts, e-stamping and providing copies of contracts to customers.
In a statement issued on August 18, 2021, the Reserve Bank had also said that the IPA model agreement should be reviewed and updated. Currently, the deadline for customers to sign the Bank Locker Agreement is December 31, 2022. Customers will be informed about change in locker restrictions through SMS and other channels. According to the new rule, the bank will not be liable for compensation if the locker is damaged due to natural calamity or any other reason. If the customer who owns the locker dies, the nominee will take over the locker facility.
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