SC already asks Reserve Bank of India to lay down Norms for banks’ locker facility management

Banks cannot wash their hands towards every person for the operation of lockers, the Court weekday directed to get down the rule within 6 months mandating the steps to be taken by these banks concerning locker good facility management.

With the advent of the economic process, banking establishments have acquired a lot of vital roles within the best life of all the common man as both domestic, as well as international economic transactions within the country, have increased many folds.

Court said to every person they do not need to be hesitant. Keep their liquid assets at home as we are also steadily moving towards the cashless whole of the economy. Because this is riskier if we keep our assets at home. Rising a very huge demand for the best services, these things become very essential services provided by every best banking institution. Such services may be availed of the citizens and the foreign nationals.

Whichever, due to the rapid gains in the technology, we are now transitioning from the dual key-operated lockers to the electronically operated lockers, the court already said. The electronically operated lockers, although every customer could have access to the locker through your passwords, pin, or more. They’re unlikely to possess all the technological power to regulate the operation of lockers.

On the other side, there is also the possibility that miscreants may manipulate all the technologies used in these systems to gain access to the lockers without the customer’s knowledge and consent.

The apex court already mentioned that the client is totally at the mercy of the bank, that is the much capable party, for the protection of the assets. In some of the situations, banks can not simply wash their hands as well as claim that they bear no liability towards every customer operation.



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