RBI gives extension for locker agreements renewal till Dec 31

RBI extends bank locker agreement renewal deadline to Dec 2023, relieves customers from renewal stress

January 24, 2023

Banks get time till Dec-end to execute the revised agreement with locker holders

On Monday the Reserve Bank of India (RBI) extended the deadline for the renewal of locker agreements between customers and banks till December 31, 2023. However, banks have been asked to meet the intermediate milestones of 50 percent by June 30, 2023, and 75 percent by September 30, 2023.

The banks have been directed by the RBI to complete the process in a phased manner by December 31, 2023.

The extension was given by the central bank as it was noticed that till January 1, 2023, which was the original deadline for renewal of agreements, a large number of customers had not signed the revised agreement.

A statement by RBI said, “In addition to this, banks have been advised to make necessary arrangements to facilitate execution of the revised agreements by ensuring the availability of stamp papers, etc.”

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

[With Inputs from IANS]

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