Reserve Bank of India: The Reserve Bank has extended the duration of locker contracts – mssewb.org

This time: The Reserve Bank of India (RBI) has extended the deadline for entering into a revised agreement for safe deposit lockers between customers and banks till December 31 this year. Earlier, the deadline was given till December 31 last year and then it was extended by a month to January 31. The central bank has taken this decision as a large number of customers are still unable to sign the modified agreement on lockers with the respective banks. In this, the customers are also facing problems like shortage of stamp paper, selling it at high prices in the black market.

In many cases, customers have to purchase stamp paper for changing agreements with banks on lockers. In that case, he must buy the stamp paper in the name of the concerned bank and branch, not in his own name.

In August 2021, RBI directed banks to enter into modified contracts with existing locker customers. It was supposed to be settled by January 31. The decision was taken after various developments in banking and technology, nature of customer complaints and customer feedback.

However, RBI has come to know that many customers are still unable to accept the modified contract. Even, it has come to the notice of the central bank that in many cases the bank required the customers to make this agreement before the stipulated time and did not inform about it. And for that reason, RBI has issued a notification and said that it has ordered to complete the work of renewing the modified contracts with the existing locker customers in a phased manner by December 31.

Apart from notifying all locker customers by April 30 this year, 50 per cent customers will have to terminate their contracts by June 30 and at least 75 per cent customers by September 30, RBI said.