Banks get time till Dec end to renew safe deposit locker agreements

RBI has asked them to complete work in phases with intermediate milestones of 50% by June 30, 75% by Sept 30

The Reserve Bank of India on Monday gave banks time till end of December 2023 to complete renewal of agreements for the existing safe deposit lockers of customers. Banks were earlier required to complete the process by January 01, 2023.

The central bank has asked them to complete work in phases with intermediate milestones of 50 per cent by June 30, and 75 per cent by September 30.

Further, lockers that have been frozen for non-execution of agreement by January 1 should be unfrozen with immediate effect, RBI said in a statement today.

On August 18, 2021, RBI had asked