Banks Have No Liability For Loss Of Valuables In Lockers: RBI
By Team Legistify / 2017-06-29

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Do not expect any compensation for theft or burglary of valuables in safe deposit boxes of public sector banks as the locker hiring agreement absolves them of all liability.

This bitter truth was disclosed in an RTI response by the Reserve Bank of India (RBI) and 19 PSU banks.

Stung by the revelation, the lawyer who had sought information under the transparency law has now moved the Competition Commission of India (CCI) alleging " cartelisation " and " anti-competitive practices " by the banks in respect of the locker service.

He has informed the CCI that the RTI response from the RBI has said it has not issued any specific direction in this regard or prescribed any parameters to assess the loss suffered by a customer.

Even under the RTI response, all public sectors banks have washed their hands of any responsibility.

None

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