Contact the bank if you have not signed the new locker agreement

While new rules enhance banks' accountability, buying locker insurance is added protection

The Reserve Bank of India (RBI) has mandated banks to renew their locker agreements with customers by January 1, 2023. Banks began implementing new operational standards from January 1, 2022, but customers must sign a new agreement to be eligible for the updated regimen.

“Although the rules were promulgated by the RBI in August 2021, their enforcement has been long overdue,” says Suvigya Awasthy, associate partner, PSL Advocates & Solicitors.

While many customers have signed the new agreement, many haven’t. Chanda Paramesh (name changed), who works with a fintech company, says: “I have two lockers but haven’t heard from either bank regarding