RBI extends time for renewal of pacts for existing lockers

The Reserve Bank of India (RBI) has decided to extend the deadline for banks to complete the process of renewal of agreements for the existing safe deposit lockers in a phased manner by

December 31, 2023, with intermediate milestones of 50% by June 30, 2023, and 75% by September 30, 2023. The earlier deadline was January 1, 2023.

Further, banks have been advised to make necessary arrangements to facilitate execution of the revised agreements by ensuring the availability of stamp papers,” the RBI said in a circular.

In August, 2021 the Reserve Bank of India (RBI) had asked banks to enter into revised agreements with the existing locker holders by January 1, 2023

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