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The Reserve Bank of India (RBI) on Monday extended the deadline for banks to complete the process of renewal of agreements for the existing safe deposit locker holders. The deadline will be extended in a phased manner by 31 December this year, with an intermediate milestones of 50% by 30 June, 2023, and 75% by 30 September, 2023, the central bank said in a release.

The RBI said that banks have been advised to make necessary arrangements to facilitate execution of the revised agreements by ensuring the availability of stamp papers, etc.

Further, in cases where operations in lockers have been frozen for non-execution of agreement by 1 January, 2023, the same shall be unfrozen with immediate effect, the central bank said.

“The RBI had issued revised instructions with respect to Safe Deposit Locker/Safe Custody Article Facility that inter alia required banks to enter into revised agreements with the existing locker holders by January 1, 2023," a statement read. 

“However, it has come to the notice of RBI that a large number of customers are yet to sign the revised agreement. In many cases, the banks are yet to inform the customers about the need to do so before the stipulated date (January 1, 2023)," the RBI said.

 

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