Reserve Bank of India: This news is for anyone who has taken a locker at any private or public bank. Yes, the Reserve Bank of India (RBI), changed the locker rules starting January 1. This meant that the locker agreement between banks and customers had to be renewed by January 1, 2023. RBI has extended the expiration date of the locker agreement between banks and customers. Customers can now renew their locker agreement by 31 December 2023.
This work will continue until December 31.
The RBI extended the deadline because they noticed that customers had not signed the amended agreement up to January 1, 2023. This was the expiration date for the agreement. RBI has now instructed banks to complete the process by December 31, 20,23.
This is how you will do your work.
Need to be done: The RBI has asked banks to complete 50% of the work by June 30, 2023, and 75% by September 30, 2023. According to the RBI, banks were informed to make arrangements for the execution of revised contracts. This includes ensuring that stamp paper is available.
The circular also stated that in the event of locker operations being prohibited to prevent the execution of the agreement by January 1, 2023, the agreement will be terminated with immediate effect.
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