The Reserve Bank of India has sent a directive to all commercial banks asking them to keep a nonstop watch on the usage of customers’ lockers and take necessary measures to retain the security of these safe deposit vaults.
The directive says, “The security procedure should be well-documented and the staff concerned should be properly trained in the procedure. The internal auditors of the bank should ensure that the procedures are strictly adhered to”.
But the central bank has prevented from discussing the topic if banks are duty bound to pay the client in case of a burglary/theft in the banks’ vaults.
Till now, the banks protected themselves in these cases saying that there is no “entrustment” of contents kept in lockers by the bank’s depositor. So the banks cannot be held liable for its contents.
The National Consumer Disputes Redressal Commission (NCDRC) has disagreed with banks’ position by saying “the depositors had taken the lockers on rent only because of the security provided by the bank and it is not simply a landlord and tenant relationship. The depositors have kept jewellery and other valuable articles on the assurance that the bank will provide complete security…”.
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