RBI extends deadline for banks to renew locker agreements with existing customers

Notification No. RBI/2022-23/168 CO.CEPD.PRS.No.S1233/13-01-018/2022-2023, Dated 23.01.2023

Earlier, RBI had advised banks to renew their locker agreements with existing locker customers by 01.01.2023. The RBI noticed that a large number of customers are yet to execute the revised agreement and are facing difficulties. Further, there was a need for revision in the Model Agreement drafted by the Indian Banks’ Association (IBA) to fully comply with the revised instructions.

Accordingly, the RBI has extended the deadline for renewal till 31.12.2023. Further, banks were advised to notify all their customers of the revised requirements by 30.04.2023 & and ensure that at least 50% & 75% of their existing customers have executed the revised agreements by June 30 and September 30, 2023 respectively. The Banks shall report the status of compliance with these instructions on the DAKSH supervisory portal of the Reserve Bank on a monthly basis.

Also, Banks are advised to facilitate execution of the fresh/supplementary stamped agreements with their customers and provide a copy of the executed agreement to the customer. Where operations in lockers have been frozen for non-execution of the agreement by January 1, 2023, the same should be unfrozen with immediate effect.

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