Generally people keep their jewelery and valuables in the locker of the bank. Because these things are much safer in bank locker than at home. Once placed in the locker, many times people do not see that thing for years. However, a new rule has been made by the RBI regarding bank lockers, which can harm those who do not take care of their bank locker for a long time. According to the new rules of RBI, if a locker has not been opened for a long time, then it can be broken by the bank. A notification has also been issued by RBI in this regard.
Following the trend of complaints in the field of banking and technology and the response received from Indian Banks’ Association, RBI has issued these new guidelines. RBI said in its statement that the bank will be completely free to process the locker and transfer the contents of the locker to its nominee. If any locker remains inactive for more than seven years, the locker can be demolished even if the rent of the locker keeps on coming regularly.
However, before breaking the locker, a notice will be sent by the bank through a letter and an alert will also be sent to the registered email id and mobile number. However, if the letter turns out to be a return, the bank will take action to break the locker by waiting for a reasonable time period after the public notice in the present letter is issued. In case the owner of the locker is not present, the contents of the locker shall be kept in a sealed cover after the bank opens the locker in the presence of a bank official and two independent witnesses.