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of <h1>RBI Updates Safe Deposit Locker Guidelines: New Rules on Security, Liability, and Customer Transparency Effective January 2022.</h1> The Reserve Bank of India (RBI) issued revised instructions for safe deposit locker and safe custody article facilities provided by banks, effective January 1, 2022. These guidelines, informed by Supreme Court principles and stakeholder feedback, require banks to develop Board-approved policies for locker management. Key aspects include customer due diligence, transparent locker allotment, security standards, and internal controls. Banks must offer nomination facilities, establish procedures for claim settlements, and manage locker closures. Liability policies outline bank responsibilities for locker content safety, including compensation for losses due to negligence. Transparency and customer guidance are emphasized through clear communication and public information.
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