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RBI Directs Banks to Ensure Safety of Lockers
August 10, 2017
In a written reply to the Rajya Sabha, Finance Minister Arun Jaitley said that currently there is there is no formal arrangement under which the Department of Financial Services can ask the banks to grant compensation to their customers in an event of locker theft.
While the Reserve Bank of India has asked the banks to ensure the safety of their customers’ lockers, fair trade regulator CCI is already probing them regarding an allegation of cartelization.
In June, this year an RTI disclosure had revealed that banks are not liable to locker damages or thefts. A case was thus registered with the Competition Commission of India (CCI).
