https://www.taxtmi.com/circulars?id=66139 Revised regulatory instructions require banks to apply Customer Due Diligence per KYC for locker hirers, maintain transparent allotment with CBS based vacancy and wait lists, adopt Board approved locker agreements, and follow specified rent, relocation and refund rules. Security standards mandate single point vault access, CCTV retention, BIS and Cyber Security Framework compliance for mechanical and electronic lockers, and protection of customer data. Operational controls include visitor logs, privacy during access, alerts to customers, master key custody and surprise verifications. Nomination, inventory and claim settlement procedures require prescribed forms, inventories with witnesses, 15 day settlement on proof of death, SOPs for break open, attachment, disposal and Board approved liability and insurance policies. en-us Wed, 18 Aug 2021 00:00:00 +0530 Wed, 11 Feb 2026 15:59:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=66139 Revised regulatory instructions require banks to apply Customer Due Diligence per KYC for locker hirers, maintain transparent allotment with CBS based vacancy and wait lists, adopt Board approved locker agreements, and follow specified rent, relocation and refund rules. Security standards mandate single point vault access, CCTV retention, BIS and Cyber Security Framework compliance for mechanical and electronic lockers, and protection of customer data. Operational controls include visitor logs, privacy during access, alerts to customers, master key custody and surprise verifications. Nomination, inventory and claim settlement procedures require prescribed forms, inventories with witnesses, 15 day settlement on proof of death, SOPs for break open, attachment, disposal and Board approved liability and insurance policies. Circulars RBI Wed, 18 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/circulars?id=66139