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  
Post a Comment

Related Posts

    • Inordinate delay in getting justice at Consumer Redressal Forums

      There was a news item in the newspaper FPJ, Mumbai dated 21.11.22 , on an order given by Consumer Disputes Redressal Forum, Mumbai Suburban, Bandra, regarding a dispute relating to TV set. I keep r...

      By Chunilal Malik
      /
    • Unrequired continuous SMS and voice messages for payment of bills

      Adani electricity is more than vigorous in its followup for payment of electricity bills from consumers. Right from the day meter reading is planned, continuous SMS, emails and voice messages are ...

      By Chunilal Malik
      /
    • Flipcart sending e-mails which you can not unscribe

      It is observed that Flipcart is sending e-mails propagating their products and there is no option to unscribe them. An option is given to unscribe which also propagate to purchase their products. I...

      By Anonymous Circle member
      /
    • Train our Civil Servants to Protect Consumer Rights, Mr Chief Minister

      With over 4.4 crore pending cases, quest for justice consumes a life-time. Consumer Commissions, set up to provide speedy justice to consumers, are no better with over 6.3 lakh cases pending in co...

      By MOHIT PANDE
      /
    • TRUTH ABOUT NAIL POLISH

      The Indian nail polish market stood at Rs. 636 crores in 2018 and is projected to grow at a CAGR of over 10%, to reach Rs. 1,075 crores by 2024. While the nail polish market is expanding, penetrati...

      By MOHIT PANDE
      /
    • Can not contact Paytm on their platform.

      It is observed I tried to contact Paytm on their platform via app also but could not post my general grievance or post a message not to send me any message regarding Hindustan Times News paper subs...

      By Anonymous Circle member
      /
    • Consumers can now get un-hallmarked jewellery tested at Hallmarking Centres

      Testing of Gold jewellery up to 4 articles to cost Rs 200, for 5 or more articles, the cost is Rs 45 per article. Bureau of Indian Standards (BIS) has now made provision to allow a common cons...

      By MOHIT PANDE
      /
    • Digital platforms sending unnecessary messages.

      It is observed most of the Digital platforms are purchased by Banks and they are sending their messages to members to promote the business of Banks i.e. take loans & credit cards etc. As the ut...

      By Anonymous Circle member
      /
    • Hand Sanitizers

      Hand sanitizer brand has ‘unacceptable levels’ of cancer-causing chemicals, FDA warns U.S. Food and Drug Administration tests have found “unacceptable levels” of ...

      By MOHIT PANDE
      /
    • Poor Service by Eurka forbes service team

      We have been customers of eureka forbes water purifier since last two + decades. We took a AMC and due to pandemic AMC was not carried out as no service technician reported for service due to lockd...

      By Nandkumar V
      /
Share
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)