RBI extends deadline for locker agreement renewal 

MUMBAI:  In a huge relief to customers, the Reserve Bank of India (RBI) on Monday extended the deadline for renewal of agreements for existing safe deposit locker to 31 December 2023. 

The RBI said banks will have to complete the process of renewal of agreements in a phased manner and asked them to unfreeze lockers that may have been frozen due to non-renewal of agreement.

“It has come to the notice of RBI that a large number of customers are yet to sign revised agreement. In many cases, banks are yet to inform customers about the need to do so before the stipulated date (January 1, 2023),” said the apex bank in a statement on Monday.

“Accordingly, 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% by June 30, 2023, and 75% by September 30, 2023,” said the RBI.

As per the revised RBI guidelines, the banks were required to renew their locker agreements with existing locker customers by January 1, 2023.