RBI introduces BIG changes to bank locker rules: 5 important things to know

In what could be a major motivation for customers planning to open lockers in banks, the RBI had announced that the lenders will have to compensate the customer 100 times the rent of the locker in case of theft. The move will mean that banks will have to tighten their security protecting bank lockers. 

Banks have also been directed by the RBI to monitor locker rooms, meaning that your lockers will be under added protection. Banks also have to store the CCTV footage for 180 days. The decision will help in assuring full safety and in case of any mishappening, it will help in the investigation process.

Further, according to new RBI rules, banks will have to store CCTV footage in case a customer complains of any disturbance or theft. The CCTV footage will be stored till the time the police investigation is completed.

The Reserve Bank has made it mandatory for banks to send an SMS and e-mail notification every time a customer accesses the locker. The alerts will provide more protection to customers. 

The Reserve Bank of India’s new rules has also made it mandatory for banks to make the information about empty lockers public. Banks cannot pass on half untrue information about the lockers.