Friday, 29 December 2023 The RBI has not extended the deadline for renewing bank locker rental agreements, causing concern for depositors. Banks, including Union Bank, Canara Bank, and Bank of Baroda, have introduced digital locker agreements, but there have been issues with availability. Many agreements that have not been updated belong to senior citizens. The central bank's objective was to clearly define the bank's limited liability, which is 100 times the annual locker rent. However, this limited liability has caused concern among depositors as the value of jewelry often exceeds this amount.
RBI's action against Paytm and Kotak Mahindra Bank for non-compliance raised concerns. Kotak Mahindra's failure to meet data storage requirements led to RBI directives. Similar actions were taken against HDFC Bank in 2020. The events underscore the need for stronger regulatory mechanisms.
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Friday, 29 December 2023
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