Many feel bank locker as one of the safest places to keep jewellery and other valuables. But a recent case in Kanpur has raised questions about how safe those valuables really are. A woman has alleged that jewellery and other items worth around Rs 50 lakh went missing from her locker at the State Bank of India (SBI) branch in Swaroop Nagar. She reportedly discovered the missing valuables when she checked the locker after nearly four months.
The incident also brings an important question for bank locker customers: if valuables disappear from a locker, is the bank automatically responsible for the loss? The answer depends on whether the bank's negligence is established.
What does the RBI rule say about valuables stolen from a bank locker?
Under the Reserve Bank of India (RBI) rules, a bank can be held responsible when its negligence leads to valuables being stolen or lost from a locker.
For example, if there is a security lapse at the bank, such as faulty cameras, inadequate security alerts or an error by a bank employee, the bank may have to take responsibility for the loss.
However, the bank does not automatically become liable every time something goes missing from a locker. The circumstances of the incident and the role of the bank are important. If no negligence by the bank is found, the entire loss cannot simply be placed on the bank.
This means that an investigation into the incident becomes important before deciding who is responsible for the loss.
How much compensation can you get for stolen or missing valuables?
The next question is about compensation. RBI's 2022 rules provide for compensation when valuables kept in a bank locker are lost because of the bank's negligence.
However, customers cannot claim unlimited compensation from the bank. The rules put a limit on the amount that a bank may have to pay.
If the bank's negligence is established, the compensation can be up to 100 times the annual locker rent. So if the annual rent of your locker is Rs 2,000, the bank is liable to pay only Rs 2,00,000 to the customer as compensation.
So, in a case involving missing jewellery or other valuables, the value of the items alone does not determine the compensation. The circumstances leading to the loss and whether the bank was negligent are also crucial.
The Kanpur case is currently under police investigation, while the alleged disappearance of valuables from the SBI locker has once again highlighted the need for customers to understand the rules governing bank lockers.
