Reserve Bank Of India — New Locker account agreement with banks

As per the recent circular of the RBI on Safe Deposit Locker Agreement with Banks, all locker account holders of the banks are required to execute the new locker agreement before 31.03.23.In the new agreement, banks' interests are only accounted and are safe-guarded. The locker hirers are discouraged to the maximum extent, but taking advantage of the situations, the RBI has drafted the new agreement against the interests of the locker licensees. There is no provisions to safe-guard the interests of the clients. In every aspect, banks' interests are reiterated to be safe- guarded and no due commitments to the licensees by the banks are mentioned in the agreement. The only commitments by the banks are i) to hire the lockers;ii) to enhance the locker rent and other charges at their discretion. This is injustice and the RBI should review the draft a.nd make
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