RBI extends deadline for banks to renew safe deposit locker agreements check details – Business News India

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RBI extends deadline for banks to renew safe deposit locker agreements check details – Business News India

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The Reserve Bank of India (RBI) has extended the deadline for banks to enter into revised agreements with safe deposit locker holders till the end of December. The reason for this is that a large number of locker holders have not yet been able to do so.

In August 2021, the Reserve Bank of India had asked banks to enter into revised agreements with existing locker holders by January 1, 2023, keeping in view various developments in the field of banking and technology, nature of consumer complaints as well as responses received.

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“It has come to the notice of the Reserve Bank that a large number of customers have not yet signed the revised agreement,” the central bank said in a statement. has not been informed of the need to do so before the stipulated date (January 1, 2023).” , has been extended till 2023.

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Banks have been asked to inform all their customers about the revised requirements by April 30, 2023, and ensure that at least 50 per cent and 75 per cent of their existing customers are covered by June 30 and September 30, 2023, respectively. Get the amended agreements executed.

Banks will also have to facilitate the execution of new/supplementary stamped agreements with their customers by taking measures such as arrangement of stamp paper, electronic execution of agreement, e-stamping, and providing a copy of the executed agreement to the customer. In cases where the operation of lockers has been stopped due to non-agreement by January 1, 2023, the central bank has directed immediate lifting of such ban.

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