What is the purpose of keeping valuables in locker if banks don’t take responsibility for its loss asks Mumbaikars.
If you are planning to keep your valuables like jewellery, property documents in bank then rethink about it as bank won’t compensate you for its loss occurred due to theft, war and natural calamities. Many people think that their valuables are secure in bank but if it is lost then banks won’t take responsibility for the same. This information was revealed in an RTI response by Reserve Bank of India (RBI) and 19 PSU banks. The lawyer who had sought information under the transperancy law has now moved the Competition Commission of India (CCI) alleging ‘cartelisation and anti-competitive practices by banks in respect of locker service. He has informed the CCI that the RTI response from the RBI has said it has not issued any specific direction in this regard or prescribed any parameters to assess the loss suffered by a customer.
Mumbaikars feel that is it really worth to hire locker services from banks? Why can’t valuables be stored at home if they remain unsecured at banks they asked?
Ravi Kumar, a Borivali resident said, “What is the purpose of keeping valuables in locker if banks don’t take responsibility for its loss? Already banks are charging fees for safe custody of valuables but they are not ready to compensate customers for loss.”
Ramesh Solanki, a businessman from Malad said, “I used to feel that my valuables are safe in banks. But I am worried about the custody of my jewellery after the recent RBI response to RTI pertaining to lockers.”
Sameer Wadekar, a marketing executive employed with a private firm in Andheri said, “My father has been keeping his valuables in banks as he has always trusted them and was pleased with their services. But the recent RBI reply pertaining to lockers has made him anxious. Why are banks shunning of responsibility to compensate customers for loss of valuables stored in lockers”?
“Often banks ask customers to open a fixed deposit for renting a safe deposit locker. The rent charged by many banks is higher and in the range of Rs 3,000 to Rs 40000. If customer is paying huge rent for availing locker service then he should be compensated for loss of his valuables, said Harshit Joshi, an accountant employed with a brokerage firm in Borivali.
According to the information availed by the lawyer, the unanimous reason given by the 19 banks, including Bank of India, Oriental Bank of Commerce, Punjab National Bank, UCO and Canara, among others, is that “the relationship they have with customers with regard to lockers is that of lessee (landlord) and lessor (tenant)”.
The banks have contended that in such a relationship, the lessor is responsible for his or her valuables kept in the locker which is owned by the bank.
