November 11, 2014 2 Comments
According to RBI guidelines, banks are not responsible for the contents of the lockers. A bank only needs to provide for protection of the lockers.The relationship between the bank and the locker customer is that of a lessor and a lessee.Since the contents of the locker are never shared with the bank, it is not responsible for the contents.
According to Section 152 of the Indian Contract Act, a bank is not responsible for any loss or damage to the contents of a locker. Even the valuables deposited in lockers are not insured. A bank does not have the ownership or knowledge of the contents of the locker and hence does not have any insurable interest in the matter.
The situation is clearly loaded against the customer . For example, in case of robbery,the customer is not only required to prove that the locker was robbed but also submit evidence of the extent of the loss. Read more of this post