The Reserve Bank of India has extended the deadline for renewing agreements for existing locker facilities provided by banks in a phased manner till Dec. 31, 2023.
The deadline was extended after the RBI noted that a large number of customers have yet to sign the revised agreement. The banks were to inform their customers to sign the revised agreement by Jan. 1, 2023.
It has also been found that in many cases, the banks have yet to inform the customers about the need to renew agreements for safe deposit lockers.
"Banks have been advised to notify all their customers of the revised requirements by April 30, 2023, and ensure that at least 50% and 75% of their existing customers have executed the revised agreements by June 30 and Sep. 30, 2023, respectively," the RBI said in its Jan. 23 circular.
The RBI has also advised banks to facilitate the execution of the revised agreements by ensuring that the cost of stamp papers will be borne by the banks themselves.
In cases where operations in lockers had been frozen for non-execution of the agreement by Jan. 1, 2023, the same would be unfrozen with immediate effect, the circular said.
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