News & Media 3rd Jan 2023

Banks are not adding this clause to the new locker agreement: How does this impact you?

Authors

Shailesh Poria Partner | Mumbai

Latest Thought Leadership

Articles 14th Jun 2024

Digital Bouncers: Navigating the Digital Competition

Read More
Articles 14th Jun 2024

SEBI Imposes Financial Penalties on Market Infrastructure Institutions For Surveillance Failures

Read More
News & Media 13th Jun 2024

Compensation claims plunge as SEBI crackdown intensifies

Read More
News & Media 12th Jun 2024

50% assured pension for central govt staff under NPS: Proposal explained

Read More

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: Click Here