The RBI Point
According to the Reserve Bank of India, the relationship between the bank and the locker-hirer is that of a ‘bailor’ and a ‘bailee’, and not that of a ‘landlord’ and a ‘tenant’. As per RBI policy, the bank will in no way be responsible or liable for the contents kept in the locker by the hirer. In case of theft, burglary or similar unforeseen events, action will be initiated as per law.
At the same time, the RBI has said that even if the banks do not know about the contents of the locker, they should take necessary steps to protect the contents in the locker.
According to Section 152 of the Indian Contract Act, a bailee (the bank in the instant issue) is not According to a leading banking luminary, the relationship between the bank and the locker customer is that of a lessor and a lessee since the information as regards the contents of the locker is never shared with the bank. So the bank is not responsible for burglary/damage to the contents.