Banks are not responsible for the contents of the lockers ?
Swiss banks may no longer be a safe haven for unaccounted money, but even wealth on which tax has been duly paid is not safe in a bank locker. This was reinforced earlier this week when unidentified men dug a tunnel into the locker room of a Punjab National Bank branch in Sonepat, prised open 89 lockers and decamped with the contents.
According to the Reserve Bank of India guidelines, banks are not responsible for the contents of the lockers. A bank only needs to provide for protection of the lockers.
"The relationship between the bank and the locker customer is that of a lessor and a lessee," said Narayan Raja, CEO, Banking Code and Standard Board of India (BCSBI). "Since the contents of the locker are never shared with the bank, it is not responsible for the contents."
According to Section 152 of the Indian Contract Act, a bank is not responsible for any loss or damage to the contents of a locker.
According to the Reserve Bank of India guidelines, banks are not responsible for the contents of the lockers. A bank only needs to provide for protection of the lockers.
"The relationship between the bank and the locker customer is that of a lessor and a lessee," said Narayan Raja, CEO, Banking Code and Standard Board of India (BCSBI). "Since the contents of the locker are never shared with the bank, it is not responsible for the contents."
According to Section 152 of the Indian Contract Act, a bank is not responsible for any loss or damage to the contents of a locker.
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