No onus on banks for locker valuables: RBI

This bitter truth was disclosed in an RTI response by the Reserve Bank of India (RBI) and 19 PSU banks. The lawyer, who had sought information under RTI, has now moved the Competition Commission of India (CCI) alleging “cartelisation” and “anti-competitive practices” by the banks. 

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.  Even under the RTI response, all public sector banks have washed their hands of any responsibility. 

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, is that “the relationship they have with customers with regard to lockers is that of lessee (tenant) and lessor (landlord)”. 

Some banks, in their locker hiring agreements, have said that any item stored in the locker is at the customer’s own risk and he or she may, in their own interest, insure the valuables. The lawyer,  Kush Kalra, has now sought a probe under the Competition Act into the allegation of cartelisation by the banks in respect of the locker service.