RBI ASKS BANKS TO CANCEL OR OPEN UNOPERATED LOCKERS

The Reserve Bank of India (RBI) has asked banks to either cancel or open lockers in case they remained un operated for more than three years for medium risk category or one year for higher risk category. In a notification issued to all the scheduled commercial banks recently, the RBI has asked them to immediately contact the locker-hirer in such cases and advise him to either operate the locker or surrender it. Also , the banks have been asked to carry out the exercise even if the locker hirer was paying the rent regularly.