As the December 31 deadline to implement RBI’s revised bank locker rules nears, many banks are yet to execute the same. Some banks were also found to be confused about the rules. This despite RBI, via a notification on August 18, 2021, asking them to start the process from January 1, 2022. mid-day visited banks in the city and spoke to locker holders, a majority of whom said their banks had not yet informed them of it.

During mid-day’s conversations with locker holders, it was found that they, especially senior citizens, were unaware of the change in rule. As per the notification issued by the Reserve Bank of India, banks were expected to start the process to get their customers to enter the new locker agreement from January 1, 2022. And banks are free to utilise the sample locker agreement drafted by the Indian Banks’ Association.