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The revised guidelines are applicable to both new and existing safe deposit lockers and the safe custody of articles facility, as per revised RBI guidelines.
The revised guidelines are applicable to both new and existing safe deposit lockers and the safe custody of articles facility, as per revised RBI guidelines. The RBI has set December 31, 2023 deadline to execute revised locker agreements, in a staggered manner.
The bank will have to compensate in case of fire, theft, burglary, robbery, dacoity, building collapse, negligence by the bank, or fraudulent activity by its employees. The bank’s liability will be equivalent to 100 times the annual rent of the safe deposit locker.