Monday, June 27, 2022
HomeFinanceSupreme court verdict in BANK locker controversy, account holders benefit

Supreme court verdict in BANK locker controversy, account holders benefit

New Delhi. In a dispute of Union Bank of India, the Supreme Court has directed the Reserve Bank to prepare a guide line for this in six months. Therefore, banks will not be able to break the locker easily till the Reserve Bank maintains a guide line to break the locker for maintenance and non-deposit of fees.



Almost all government and private banks in India offer locker facilities at their branches. When customers take the locker, most of the banks also open their savings account in their own place so that the rent of the locker can be deducted from that account, but many times the bank account is also not active. The bank management breaks the locker when the rent is not paid.

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Now after the decision of the Supreme Court, all customers will get relief. According to Ashish Mishra, National General Secretary of the Wee Bankers Association, there is no guide line regarding this in banks as of now. When the Reserve Bank makes a guide line, it will be valid for all, it will provide relief to the customers. Lockers in many bank branches in the city are closed which have not been operated for a long time. Once the guide lines are formed, they can be broken under the same scope.

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