Nearly 20% locker users yet to renew agreement

RBI has not extended the December 31 deadline for updating bank locker rental agreements, making it difficult for customers to access their lockers. Banks have introduced digital locker agreements, but there have been issues with the online facility’s availability. Many agreements that have not been updated belong to senior citizens or are rarely used. The revised agreement limits banks’ liability to 100 times the annual locker rent, causing concern among depositors whose jewelry value exceeds this limit.