This bitter truth was disclosed in an RTI response by the Reserve Bank of India (RBI) and 19 PSU banks Stung by the revelation, the lawyer who had sought information under the transparency law has now moved the Competition Commission of India (CCI) alleging “cartelisation” and “anti-competitive practices” by the banks in respect of the locker service.
He has informed the CCI that the RTI response from the RBI has said it has not issued any specific direction in this regard or prescribed any parameters to assess the loss suffered by a customer.
Even under the RTI response, all public sectors banks have washed their hands of any responsibility.
The banks have contended that in such a relationship, the lessor is responsible for his or her valuables kept in the locker which is owned by the bank.
The common feature of all locker hiring agreements states, “As per safe deposit memorandum of hiring locker, the bank will not be responsible for any loss or damage of the contents kept in the safe deposit vault as a result of any act of war or civil disorder or theft or burglary and the contents will be kept by the hirer at his or her sole risk and responsibility.
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