Lockers unsafe but are deposits?

Ignorance is bliss to many. It is not breaking news as such that RBI has said something new that banks have no liability for loss of valuables in

lockers. (June, 24, FPJ). The application forms for procuring a ‘Safe Deposit Locker’ contain a clause which absolves the banks from liability for loss of valuables in lockers. But it is not denying the fact that customers repose full faith in banks and expect the banks to act prudently in the customers’ interest. The banks are also expected to insure the assets in the branch as per norms. All banks have more than trebled the hire charges of lockers in the last five years. A few banks have also been insisting fixed deposit account to procure a locker. It is sad the banks and RBI talk only of their rights and not obligations, they behave as if they have no concern or least concern towards customer service.Why only talk of liability of lockers in the banks? What about the deposits with the banks? As per DICGC, a subsidiary of RBI, in the event of liquidation of a bank, a depositor is entitled to payment of amount equal to all deposits held by him at all the branches of that bank put together and subject to the limit of insurance fixed by the Corporation from time time. With ever increasing bad debts in all banks without exception, it is shuddering to know how much secure are our deposits in the banks.

— Ramanath Nakhate