Bank locker renewal rules extended by RBI till December 31

Banks have been asked to meet the intermediate milestones of 50 per cent by June 30, 2023, and 75 per cent by September 30, 2023.

Banks have been advised to make necessary arrangements to facilitate execution of the revised agreements by ensuring the availability of stamp papers. (Representative image from Reuters)

The Reserve Bank of India (RBI) has extended the deadline for renewal of locker agreements between customers and banks till December 31, 2023. The deadline was extended as it was noticed that till January 1 which was the original deadline for the renewal of agreements, a large number of customers had not signed the revised agreement.

The central bank has now directed banks to complete the process in a phased manner by December 31, 2023.

Banks have been asked to meet the intermediate milestones of 50 per cent by June 30, 2023, and 75 per cent by September 30, 2023.

In addition to this, banks have been advised to make necessary arrangements to facilitate the execution of the revised agreements by ensuring the availability of stamp papers, etc, a statement by RBI said.

"Further, in cases where operations in lockers have been frozen for non-execution of the agreement by January 1, 2023, the same shall be unfrozen with immediate effect," the circular said.

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