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RBI extends time for renewal of agreements for existing safe deposit lockers

The RBI had in August issued instructions with respect to Safe Deposit Locker/Safe Custody Article Facility that required banks to enter into revised agreements with the existing locker holders by January 1, 2023.

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New Delhi: The Reserve Bank of India (RBI) on Monday extended the deadline for banks to complete the process of renewal of agreements for the existing safe deposit lockers to December 31, 2023.

The RBI had in August issued instructions with respect to Safe Deposit Locker/Safe Custody Article Facility that required banks to enter into revised agreements with the existing locker holders by January 1, 2023.

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“However, it has come to the notice of RBI that a large number of customers are yet to sign the revised agreement. In many cases, the banks are yet to inform the customers about the need to do so before the stipulated date (January 1, 2023),” a statement from the RBI said.

“Accordingly, it has been decided to extend the deadline for banks to complete the process of renewal of agreements for the existing safe deposit lockers in a phased manner by December 31, 2023, with intermediate milestones of 50 per cent by June 30, 2023, and 75 per cent by September 30, 2023,” the statement added.

The central bank has also advised to make necessary arrangements to facilitate execution of the revised agreements by ensuring the availability of stamp papers.

Further, in cases where operations in lockers have been frozen for non-execution

of agreement by January 1, 2023, the same shall be unfrozen with immediate effect, the statement said.

New Delhi: The Reserve Bank of India (RBI) on Monday extended the deadline for banks to complete the process of renewal of agreements for the existing safe deposit lockers to December 31, 2023.

The RBI had in August issued instructions with respect to Safe Deposit Locker/Safe Custody Article Facility that required banks to enter into revised agreements with the existing locker holders by January 1, 2023.

“However, it has come to the notice of RBI that a large number of customers are yet to sign the revised agreement. In many cases, the banks are yet to inform the customers about the need to do so before the stipulated date (January 1, 2023),” a statement from the RBI said.

“Accordingly, it has been decided to extend the deadline for banks to complete the process of renewal of agreements for the existing safe deposit lockers in a phased manner by December 31, 2023, with intermediate milestones of 50 per cent by June 30, 2023, and 75 per cent by September 30, 2023,” the statement added.

The central bank has also advised to make necessary arrangements to facilitate execution of the revised agreements by ensuring the availability of stamp papers.

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

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