Bank Locker Rules – Jewellery Stolen from Bank Locker? Know Who’s Responsible and the Rules

Bank Locker Rules – Many people keep their valuables in bank lockers. They even obtain loans from banks by keeping their gold and silver jewellery in banks. Some people keep them for security reasons. If you are planning to keep your gold and silver in a bank locker, this news will prove to be very useful for you.

Sometimes, even your belongings are stolen from banks. A few days ago, a theft occurred from a women’s locker at the Punjab National Bank branch in Kirti Nagar, West Delhi. The security system itself is now under question. In such a situation, who will be responsible if jewellery is kept in a bank and goes missing? What is the guarantee for the items kept in the locker? Who will be responsible if items kept in the bank are stolen? You can learn important information related to bank lockers in the article below.

If jewellery is stolen from a bank locker, who is responsible?

If your jewellery is kept in a bank locker, it is important to know who is responsible if it goes missing. People keep gold and silver in bank lockers, believing that these valuables will be safe.

The latest case related to bank lockers is from the Punjab National Bank branch in Kirti Nagar, New Delhi. A mother-in-law and daughter-in-law went to open their joint locker and found the gold and other jewellery missing. According to reports, there was no evidence of it being broken or forcibly opened. Such incidents raise questions about whether bank lockers are truly safe.

Banks are Responsible

If your belongings go missing from a bank locker, the RBI has certain guidelines. The RBI has also established rules that all banks must follow. In the event of a customer’s loss, the bank will no longer be able to deny the loss by citing conditions, ensuring the customer is fully compensated.

According to RBI rules, banks must ensure that the locker agreements they enter into do not contain any unfair conditions that could cause any loss to the customer. This is because in many such cases, banks have been seen to shirk responsibility, citing the terms of the agreement.

To provide relief to customers, the RBI has tightened regulations. Banks cannot shirk their responsibilities for losses incurred by customers due to negligence. According to RBI regulations, banks are eligible to pay for any loss of locker items due to negligence.

Under what circumstances are banks responsible?

According to RBI regulations, banks are held responsible for the loss of locker items. Keep in mind that banks will only bear the financial losses incurred in cases such as fire, theft, robbery, or building collapse.

These are situations that banks can prevent. Furthermore, if natural disasters such as earthquakes and floods cause damage, the bank is not responsible for such losses. The customer bears the loss during a natural disaster.