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CCI Rejects Complaint Against RBI, 19 Banks Regarding Bank Locker Security
August 31, 2017
The Competition Commission of India (CCI) has rejected a complaint that accused RBI and 19 public sector banks of acting as a cartel regarding locker services provided to the customers. It mainly questioned the fact that banks have no liability regarding the safety of the valuables deposited in the lockers by the customers at the premises.
CCI said that it’s a common practice observed by the majority of banks which means no intervention from the authority is necessary unless unethical conduct arises from an agreement between the industry players for activities that are prohibited under the Act.
The aforementioned complaint was filed by a Delhi-based individual against RBI and 19 banks including PNB, UCO Bank, etc.