RBI’s Revised Bank Locker Rules

• The Reserve Bank of India’s revised bank locker rules will come to effect from January 1, 2023.

• The revised bank locker rules were released by the RBI on August 2021. 

• All the existing locker depositors are required to provide proof of eligibility to access renewed locker arrangements.

• Lenders are directed to use the Indian Banks’ Association (IBA)-drafted model locker agreement, which was created as per the Supreme Court orders and guidelines.

• The banks are required to ensure that there is no “unfair terms and conditions” in their locker agreements. 

• The terms of the agreement must not be more “onerous than required in ordinary course of business” to safeguard the bank’s interests.