Banks Not Liable For Theft In Lockers, Reveals RBI In RTI Query.
An RTI response by the RBI and 19 PSU banks has disclosed that locker hiring agreement between the public sector banks and the customers absolves the banks of any liability for theft or burglary in the lockers.
The banks stated in the response that the relationship between the locker hirer and the bank is that of a lessor and a lessee and therefore, the lessor is solely responsible for the valuables kept in the locker.
The RTI response ( a copy of which is with LiveLaw) read: “While the bank will exercise all such normal precautions, it does not accept any liability or responsibility for any loss or damage whatsoever, sustained to items deposited with it. Accordingly, hirers are advised in their own interest to insure any item of value deposited in a safe deposit locker in the bank.”.