SC asks RBI to frame new banks' locker facility within 6 months

Updated : Feb 20, 2021 09:40
|
Editorji News Desk

The Supreme Court has directed the Reserve Bank of India (RBI) to lay down regulations within six months mandating the steps to be taken by banks with respect to locker facility management. banks "cannot leave their customers in the lurch" by claiming ignorance of the contents of their lockers, the Supreme Court said.  The apex court said people are hesitant to keep their liquid assets at home, thus, as is evident from the rising demand for such services, lockers have become an essential service provided by every banking institution. Laying down strict guidelines, the court said that the rules will operate till the central bank comes up with new regulations.

RBIBankSupreme Court

Recommended For You

editorji | Business

Sensex falls 429 points, Nifty slips 173 points after RBI rate hike

editorji | Business

RBI raises repo rate by 25 bps to 5.50%, shifts policy towards tightening

editorji | Business

GST rates likely unchanged as 57th Council meeting focuses on reforms

editorji | Business

Sensex gains 685 points, Nifty rises 220 points to cross 22,700

editorji | Business

Sensex gains 473 points, Nifty rises 134 points as markets stage recovery