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RBI extends locker agreement deadline to December 31. All you need to know

The central bank asked banks to lift curbs on locker operations that were frozen for not renewing agreements by the January 1 deadline.

January 25, 2023 / 09:05 AM IST
Renewing customer lockers in line with the new rules is a major issue that banks must address.

Renewing customer lockers in line with the new rules is a major issue that banks must address.

The Reserve Bank of India has extended the deadline for renewal of safe deposit locker agreements between banks and customers to December 31, 2023.

Many customers haven’t been able to extend their agreements with banks by the earlier deadline of January 1, 2023, due to various reasons, the central bank said on January 24. In many cases, banks haven’t informed customers about the need to renew the agreements before the stipulated date, it said.

The RBI said the deadline will be extended in phases with intermediate milestones of 50 percent by June 30 and 75 percent by September 30.

Here is an explainer on the new locker rules: