LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Companies News

Theft of valuables kept in your lockers are not bank's responsibility

As per the report, the lawyer quoted the clause by 19 banks which also included Bank of India, Oriental Bank of Commerce, Punjab National Bank, UCO and Canara, among others, stating, "the relationship they have with customers with regard to lockers is that of lessee (landlord) and lessor (tenant)".

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Theft of valuables kept in your lockers are not bank's responsibility
Representational Image: Photo: Pixabay
Written By: ZeeBiz WebTeam
Updated: Mon, Jun 26, 2017
12:37 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Bank Holiday April 2021: Banks to remain shut in coming weeks, is your city on this list? Bank Holiday April 2021: Banks to remain shut in coming weeks, is your city on this list?
Payments Banks users alert! Check new limit by RBI Payments Banks users alert! Check new limit by RBI
Your mobile wallet could act as debit card now, RBI unveils new initiatives for digital payments Your mobile wallet could act as debit card now, RBI unveils new initiatives for digital payments
Use cards, wallets? Important note from RBI on cash withdrawal, this balance hiked to Rs 200,000 Use cards, wallets? Important note from RBI on cash withdrawal, this balance hiked to Rs 200,000
Dr Reddy’s, Reliance Industries, Bharti Airtel, CONCOR to Barbeque Nation - here are top Buzzing Stocks today Dr Reddy’s, Reliance Industries, Bharti Airtel, CONCOR to Barbeque Nation - here are top Buzzing Stocks today

Banks are not responsible if your valuables kept in bank lockers are robbed, Reserve Bank of India (RBI) has said. 

Reserve Bank of India on Monday said that in case of theft of your valuables kept in safe deposit lockers of public sector banks, no compensation will be given "as the locker hiring agreement absolves them of all liability", PTI report said.

The central bank and 19 PSU banks disclosed this clause in an RTI response sought by a lawyer. Now, the lawyer has moved the Competition Commission of India (CCI) alleging "cartelisation" and "anti-competitive practices" by the banks, the reported added. 

As per the report, the lawyer quoted the clause by 19 banks which also included Bank of India, Oriental Bank of Commerce, Punjab National Bank, UCO and Canara, among others, stating, "the relationship they have with customers with regard to lockers is that of lessee (landlord) and lessor (tenant)".

Which means, the tenant or the lessor is solely responsible for the valuables kept in the lockers of the banks. 

Questioning the banks, the lawyer named Kush Kalra, raised questions before the CCI saying that why not people keep the valuables at home after insuring rather than paying rent to the banks for locker who are not ready to take responsibility of the safety of contents.

Hence, Kalra said that the banks have formed "cartel" to  indulge in such "anti-competitive" practices.

According to locker hiring agreement, one of the feature says, "The relationship between the Bank and the lessee shall be that of a ‘landlord’ and ‘tenant’ and not that of a ‘bailer’ and ‘bailee’. The Bank has no responsibility of any kind, whatsoever, in respect of the contents of the locker, nor shall the Bank be held responsible for any loss or damage to the same, arising from any cause whatsoever, Hirers are advised in their own interest to insure any items of value deposited in the safe deposit locker with the Bank."

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Reserve Bank of Indiabank lockersPSU BanksLocker safetyRTI responseBanking & Financial ServicesCompetition Commission of India (CCI)
RELATED NEWS
Bank Holiday April 2021: Banks to remain shut in coming weeks, is your city on this list? Bank Holiday April 2021: Banks to remain shut in coming weeks, is your city on this list?
Payments Banks users alert! Check new limit by RBI Payments Banks users alert! Check new limit by RBI
Your mobile wallet could act as debit card now, RBI unveils new initiatives for digital payments Your mobile wallet could act as debit card now, RBI unveils new initiatives for digital payments
Use cards, wallets? Important note from RBI on cash withdrawal, this balance hiked to Rs 200,000 Use cards, wallets? Important note from RBI on cash withdrawal, this balance hiked to Rs 200,000
Dr Reddy’s, Reliance Industries, Bharti Airtel, CONCOR to Barbeque Nation - here are top Buzzing Stocks today Dr Reddy’s, Reliance Industries, Bharti Airtel, CONCOR to Barbeque Nation - here are top Buzzing Stocks today

LATEST NEWS

Glenmark Pharma share price: Expert says HUGE value unlocking; reveals two BUY targets

Katrina Kaif tests negative for COVID-19

Ten states/UTs account for 79.32 pc of new COVID-19 cases: Health ministry

IBPS admit card 2021 released—here is how you can download it from official website ibps.in

SpaceX wins $2.9bn NASA contract to build moon lander

GOOD NEWS! Modi Govt slashes Remdesivir MRP by half, with retro-effect—This is how much it will cost you now

Delhi curfew e-pass update: How to apply for e-pass on delhi.gov.in website, timings and more

Stocks to buy with Anil Singhvi: Here are Vikas Sethi’s top two picks today for good returns

Govt notifies Rs 6k cr PLI scheme for AC, LED light manufacturing

Gold Price: MCX Gold price has support around Rs 46660, Rs 46956 and resistance at Rs 47411 and Rs 47570

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved