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RBI Extends Deadline for Signing Revised Bank Locker Agreements to December 31, 2023
RBI Extends Deadline for Signing Revised Bank Locker Agreements to December 31, 2023
The Reserve Bank of India (RBI) released revised instructions for bank safe deposit lockers on August 18, 2021, which required banks to sign revised agreements with current locker holders by January 1, 2023. However, the RBI extended the deadline to sign the revised locker agreements to December 31, 2023, with intermediate milestones for customer execution. The revised guidelines apply to both new and existing safe deposit lockers and the safe custody of articles facility, as per the revised RBI guidelines. The new regulations also outline the customer’s agreement not to use the locker for unlawful purposes or to store illicit goods, illegal items, or dangerous materials within.
Key Takeaways:
1. Deadline for signing the revised locker agreement extended to December 31, 2023, with intermediate milestones for customer execution by June 30, 2023, and September 30, 2023.
2. Banks are responsible for notifying customers of the revised requirements and facilitating the execution of fresh/supplementary stamped agreements.
3. The new regulation prohibits the use of lockers for unlawful purposes and storage of illicit or hazardous materials.
The key points regarding the revised locker agreement and the associated guidelines:
Revised Locker Agreement and Guidelines
1. Deadline for Signing Revised Locker Agreement: The deadline to sign the revised locker agreement is December 31, 2023, as per the RBI press release dated January 23, 2023. Banks are required to complete the process of renewal of agreements for existing safe deposit lockers in a phased manner, with intermediate milestones of 50% by June 30, 2023, and 75% by September 30, 2023.
2. Notification and Customer Execution: Banks were instructed to notify all their customers of the revised requirements by April 30, 2023, and ensure that at least 50% and 75% of their existing customers have executed the revised agreements by June 30 and September 30, 2023, respectively.
3. Facilitation of Execution: Banks are responsible for facilitating the execution of fresh/supplementary stamped agreements with their customers by arranging stamp papers, franking, electronic execution of agreements, e-stamping, etc. Additionally, banks are required to provide a copy of the executed agreement to the customer.
4. Changes in the New Locker Agreement: The new regulation stipulates that customers agree not to use the locker for any unlawful purposes or to store any illicit goods, illegal items, or dangerous materials within. The agreement also outlines the bank’s rights in the event of suspicion or discovery of illegal or hazardous substances in the locker, including the right to take appropriate actions against the customer and terminate the agreement as deemed fit.
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FAQ
Q1: What is the deadline to sign the revised locker agreement?
A1: The last date to sign the revised locker agreement is December 31, 2023, with intermediate milestones for customer execution by June 30, 2023, and September 30, 2023.
Q2: What are the changes in the new locker agreement?
A2: The new regulation stipulates that customers agree not to use the locker for any unlawful purposes or to store any illicit goods, illegal items, or dangerous materials within. The agreement also outlines the bank’s rights in the event of suspicion or discovery of illegal or hazardous substances in the locker.
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