RBI extends deadline for renewal of agreement for safe deposit lockers Pipa News

RBI extends deadline for renewal of agreement for safe deposit lockers

The Reserve Bank of India on Monday extended the deadline for banks to complete the process of renewal of agreements for existing safe deposit lockers.

The deadline for renewal of agreement has been extended in a phased manner till December 31, 2023, with an increase of 50 per cent by June 30, 2023 and 75 per cent by September 30, 2023, RBI said in a press release.

RBI also advised banks to make necessary arrangements to facilitate the execution of revised agreements by ensuring availability of stamp paper.

It directed banks to open operations in frozen lockers due to non-execution of the agreement by January.

In August 2021, the RBI had issued revised instructions regarding safe deposit lockers/safe custody articles facility, requiring banks to enter into revised agreements with existing locker holders by January 1, 2023.

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