Never keep your valuables expecting any compensation if the theft of valuables happens in safe deposit boxes of public sector banks as the locker hiring agreement removes them of all liability.
This bitter truth was disclosed in an RTI response by the Reserve Bank of India (RBI) and 19 PSU banks.
Stung by the revelation, the lawyer who had sought information under the transparency law has now moved the Competition Commission of India (CCI) alleging “cartelization” and “anti-competitive practices” by the banks in respect of the locker service.
The RTI response from the RBI has said it has not issued any specific direction in this regard or prescribed any parameters to assess the loss suffered by a customer.
Even under the RTI response, all public sectors banks have washed their hands of any responsibility.
The unanimous reason given by the 19 banks, including Bank of India, Oriental Bank of Commerce, Punjab National Bank, UCO and Canara, among others, is that “the relationship they have with customers with regard to lockers is that of the lessee (landlord) and lessor (tenant)”.
The banks have contended that in such a relationship, the lessor is responsible for his or her valuables kept in the locker which is owned by the bank.
Some banks in agreements have made it clear that any item stored in the locker is at the customer’s own risk and he or she may, in their own interest, ensure the valuables.
Post Your Comments