It has been said in the RBI Notification that a large number of customers have not signed the revised agreement. Many banks had not yet informed customers about the need to do so before the due date (January 1, 2023).
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Reserve Bank of India (RBI) has announced that it has extended the deadline for banks to complete the process of renewal of agreement for existing safe deposit locker customers in a phase-wise manner. Now this agreement between the bank and the customers will be renewed till December 31, 2023.
In the notification issued by RBI, it has been said that a large number of customers have not signed the revised agreement. Many banks had not yet informed customers about the need to do so before the due date (January 1, 2023). Apart from this, there is also a need to change the model agreement prepared by the Indian Banks’ Association (IBA) to fully comply with the revised guidelines.
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RBI gave instructions
RBI said that due to these reasons, the deadline for banks is being gradually extended till December 31, 2023. According to the notification, banks have been advised to inform all their customers about the revised guidelines by April 30, 2023. By June 30 and September 30, 2023, banks will have to ensure that at least 50 per cent and 75 per cent of their existing customers sign the revised agreement.
Banks have been advised to execute new or additional stamped agreements for their customers through stamp paper, franking, electronic execution of contracts, e-stamping etc. Take steps to make it easier. They will also have to give a copy of it to the customer.
All lockers will be unfreezed
According to the notification of RBI, where the lockers which have been frozen due to non-compliance of an agreement till January 1, 2023, they should be unfreezed immediately. The Reserve Bank of India had issued an updated guideline for safe deposit lockers in a circular dated August 18, 2021. In which, among other things, banks need to enter into updated contracts with the existing locker holders by January 1, 2023.