The RBI Point

Consumer Voice - - BFSI Guide -

Ac­cord­ing to the Re­serve Bank of In­dia, the re­la­tion­ship be­tween the bank and the locker-hirer is that of a ‘bailor’ and a ‘bailee’, and not that of a ‘land­lord’ and a ‘ten­ant’. As per RBI pol­icy, the bank will in no way be re­spon­si­ble or li­able for the con­tents kept in the locker by the hirer. In case of theft, bur­glary or sim­i­lar un­fore­seen events, ac­tion will be ini­ti­ated as per law.

At the same time, the RBI has said that even if the banks do not know about the con­tents of the locker, they should take nec­es­sary steps to pro­tect the con­tents in the locker.

Ac­cord­ing to Sec­tion 152 of the In­dian Con­tract Act, a bailee (the bank in the in­stant is­sue) is not Ac­cord­ing to a lead­ing bank­ing lu­mi­nary, the re­la­tion­ship be­tween the bank and the locker cus­tomer is that of a lessor and a lessee since the in­for­ma­tion as re­gards the con­tents of the locker is never shared with the bank. So the bank is not re­spon­si­ble for bur­glary/dam­age to the con­tents.

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