The Reserve Bank of India has issued new criteria for bank lockers.

The Reserve Bank of India

The Reserve Bank of India (RBI) advised banks on Wednesday to keep a branch-by-branch list of vacant lockers, as well as a wait-list, for the purpose of locker assignment and to guarantee transparency in locker allotment. The revised instructions will take effect on January 1, 2022, according to the RBI.“To assist customers in making informed decisions,

banks shall maintain a branch-by-branch list of vacant lockers as well as a wait-list in Core Banking System (CBS) or any other computerised system compliant with RBI's Cyber Security Framework for the purpose of locker allotment and ensure transparency in locker allotment,” the RBI stated.If lockers are not available for allotment, the banks must acknowledge receipt of all applications and issue consumers with a wait list number, according to the central bank.According to the revised standards,

Current bank customers who have applied for a locker and are completely compliant with the CDD (Customer Due Diligence) criteria may be granted safe deposit lockers/safe custody article facilities, subject to continued compliance.Customers who do not have any other banking relationships with the bank may be offered safe deposit locker/safe custody article services, according to the statement.According to the RBI, banks must include a paragraph in the locker agreement stating that the locker-hirer/s must not store anything illegal or harmful in the Safe Deposit locker. "If the bank suspects any client of depositing any illegal or hazardous substance in the safe deposit locker, the bank shall have the authority to take necessary action against such customer as it thinks suitable and proper under the circumstances," the statement continued.

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