Bank Responsible for Theft in Locker

In an important decision, the learned National Consumer Commission held that the bank is responsible for the bank locker theft and the bank shall pay compensation for loss on account of being stolen. In compliance of the order,
Separately, the Reserve Bank of India (RBI) prepared detailed instructions for the banks in regard to the safe deposit locker/safe custody article facility vide Circular No. DOR.LEG.REC/40/09.07.005/2021-22 dated August 18, 2021 which came into effect from 01.01.2022. The circular under paragraph 7.2 states as follows:

“7.2 Liability of banks arising from events like fire, theft, burglary, dacoity, robbery, building collapse or in case of fraud committed by the employees of the bank It is the responsibility of banks to take all steps for the safety and security of the premises in which the safe deposit vaults are housed. It has the responsibility to ensure that incidents like fire, theft/ burglary/ robbery, dacoity, building collapse do not occur in the bank’s premises due to its own shortcomings, negligence and by any act of omission/commission. As banks cannot claim that they bear no liability towards their customers for loss of contents of the locker, in instances where loss of contents of locker are due to incidents mentioned above or attributable to fraud committed by its employee(s), the banks’ liability shall be for an amount equivalent to one hundred times the prevailing annual rent of the safe deposit locker.” more  

View all 7 comments Below 7 comments
It is wise to have a system wherein the bank weighs the gold, silver, platinum, etc and pics of records and value them before it's kept in the lockers. Why are the banks favouring secret items. It should be an open secret not an unknown secret. more  
Very useful information Sir. Thank You. Please can you share details like case number, place, bank, etc so that all of us can keep this in our records and if required produce the same for ready reference in case of any such incident happens with us. more  
Very useful information. But it's also limit the value of valuable can be kept in the locker with accountability more  
Thank you for bringing this important information to us. No media ever published it yet, surprise. At least now the safe deposit locker holders have some relief. Great 👍🙏 move. On our side, we must have a doc stating what's kept inside . more  
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