CURRENT AFFAIRS

Detailed explanation-1: -New locker agreement from January 1, 2023 While banks will begin implementing operational standards on January 1, 2022, safe deposit locker holders will need to execute a new locker agreement with the bank in order to be eligible for the new pay. Banks are free to use the IBA-drafted model locker agreement.

Detailed explanation-2: -Now, while allotting lockers, banks have to enter into an agreement with the customer on duly stamped paper, with a copy being provided to both parties. The terms of the contract must not be “more onerous than required in the ordinary course of business to safeguard the interests of the bank”.

Detailed explanation-3: -It also offers an add-on cover to insure important documents kept in a bank locker. The policy offers seven options of the sum insured ranging from Rs 3 lakh to Rs 40 lakh and above. The process to buy is simple and easy.

Detailed explanation-4: -You can now sign new bank locker agreement by December 31, 2023. This is because following the delay by banks in signing a new agreement with their customers by January 1, 2023, the Reserve Bank of India extended the deadline till the end of this year.