Top News
Next Story
NewsPoint

RBI extends deadline for renewal of locker agreement Why Google, Microsoft and other US tech giants laying off… Bitcoin to touch USD 35-45k by October 2023 ? TRAI extends last date to receive Comments on Consultation Paper… PM Modi launches World's Longest River Cruise 'MV Ganga…

Send Push

Mumbai: The Reserve Bank of India (RBI) has extended the deadline for banks to complete the process of renewal of agreements for the existing safe deposit lockers in a phased manner by December 31, 2023. RBI has also directed banks to complete 50 per cent of the target by June 30, 2023, and 75 per cent by September 30, 2023.

“It has been decided to extend the deadline for banks to complete the process of renewal of agreements for the existing safe deposit lockers in a phased manner by December 31, 2023, with intermediate milestones of 50 per cent by June 30, 2023, and 75 per cent by September 30, 2023. Further, 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 agreement by January 1, 2023, the same shall be unfrozen with immediate effect” said RBI in a circular.

The Reserve Bank of India, vide its circular dated August 18, 2021, had issued revised instructions with respect to Safe Deposit Locker/Safe Custody Article Facility that inter alia required banks to enter into revised agreements with the existing locker holders by January 1, 2023. However, it has come to the notice of RBI that a large number of customers are yet to sign the revised agreement. In many cases, the banks are yet to inform the customers about the need to do so before the stipulated date (January 1, 2023).

Explore more on Newspoint
Loving Newspoint? Download the app now