New Delhi: The Supreme Court has asked the Central Bank Reserve Bank of India (RBI) on Friday to make regulations regarding the management of lockers in banks at the earliest. RBI has to issue necessary regulations on this within six months as directed by the court. The court clearly told RBI that banks cannot turn their back on their responsibility regarding the locker service.
A bench of Justices MM Shantanagoudar and Justice Vineet Saran said that economic transactions have increased manifold both domestically and internationally, due to which the role of banking institutions has become important in the lives of common people. The bench said that as the economy is becoming cashless, most people are reluctant to keep their cash, jewelry etc. at home. In such a situation, the locker provided by banks has become an essential service.
The court says that there is an option of an electronically operated locker in which access is provided through passwords or ATM PINs etc., but those who tamper with it can put a dent. Also, for those who are not technically knowledgeable, it becomes difficult to use such a locker.
According to the bench, the customers are completely dependent on the bank, in such a situation, banks cannot turn their back on this matter and cannot claim that they have no responsibility for operating the locker. The bench said that it is a violation of the relevant provisions of the Consumer Protection Act not to assume responsibility for the operation of the locker. Apart from this, according to the bench, it hurts the trust of investors and the country’s credibility as an emerging economy.
