Guwahati: The Reserve Bank of India has mandated all banks to renew their locker agreements with existing locker customers by January 1.

The existing locker depositors are required to furnish proof of eligibility for a renewed locker arrangement.
They are required to sign a renewal agreement before the specified date. RBI’s revised guidelines were first released on August 2021.

The central bank has directed all lenders to use the Indian Banks’ Association IBA-drafted Model Locker Agreement, in line with the Supreme Court’s orders and guidelines.

RBI has instructed banks to ensure that any “unfair terms or conditions” are not covered in their locker agreements. The revised guidelines add that the terms of the agreement shall not be more “onerous than required in ordinary course of business” to secure the interests of the bank.

Banks have also been mandated to install CCTV camera at entry and exit points of the strong room and the common areas of operation. It mandates to preserve its recording for a period of not less than 180 days.

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