Theft of valuables kept in your lockers are not bank's responsibility

Banks are not responsible if your valuables kept in bank lockers are robbed, Reserve Bank of India (RBI) has said. 

Reserve Bank of India on Monday said that in case of theft of your valuables kept in safe deposit lockers of public sector banks, no compensation will be given "as the locker hiring agreement absolves them of all liability", PTI report said.

The central bank and 19 PSU banks disclosed this clause in an RTI response sought by a lawyer. Now, the lawyer has moved the Competition Commission of India (CCI) alleging "cartelisation" and "anti-competitive practices" by the banks, the reported added. 

As per the report, the lawyer quoted the clause by 19 banks which also included Bank of India, Oriental Bank of Commerce, Punjab National Bank, UCO and Canara, among others, stating, "the relationship they have with customers with regard to lockers is that of lessee (landlord) and lessor (tenant)".

Which means, the tenant or the lessor is solely responsible for the valuables kept in the lockers of the banks. 

Questioning the banks, the lawyer named Kush Kalra, raised questions before the CCI saying that why not people keep the valuables at home after insuring rather than paying rent to the banks for locker who are not ready to take responsibility of the safety of contents.

Hence, Kalra said that the banks have formed "cartel" to  indulge in such "anti-competitive" practices.

According to locker hiring agreement, one of the feature says, "The relationship between the Bank and the lessee shall be that of a ‘landlord’ and ‘tenant’ and not that of a ‘bailer’ and ‘bailee’. The Bank has no responsibility of any kind, whatsoever, in respect of the contents of the locker, nor shall the Bank be held responsible for any loss or damage to the same, arising from any cause whatsoever, Hirers are advised in their own interest to insure any items of value deposited in the safe deposit locker with the Bank."