As per the latest mandate by the Reserve Bank of India (RBI), the banks must sign a new bank locker agreement with their customers on or before December 31, 2022. The agreement should not contain any clauses that are unfair to the customers and must be based on the model locker agreement.
It should also mention the rights and responsibilities of the bank and its customers, the liability of the bank, and rent, among other things.
Shailesh Poria, Partner, Economic Laws Practice (ELP) has been quoted in an article published in The Economic Times on the obligations of the banks and how the clause will impact the customers.
Read the article here to know more: https://bit.ly/3IjR1q4