New Delhi: If you are thinking that you can be assured by placing your prized jewelry and necessary documents in the bank lockers, or you are expecting compensation for theft or robbery, then you are making a mistake, because Reserve Bank of India has disclosed that “banks have no liability for loss of valuables in lockers.”

As per the locker hiring agreement of a leading private sector bank, “The Bank shall not be responsible or liable for any loss or deterioration of or damage to the contents of the Locker whether caused by rain, fire, flood, earthquake, lightening, civil commotion, war, riot or any other cause/s not in the control of the Bank and shall also not be liable or responsible for any loss, sustained by the Hirer/s by leaving any articles outside the Locker.”

It further added, “While the Bank will exercise all such normal precautions as it may in its absolute discretion deem fit, does not accept liability or responsibility of any loss or damage whatever sustained to items deposited in the Locker. Accordingly the Hirer/s are advised in their own interest to insure any items of value deposited in the Locker with the Bank.”

Ashish Kapur, CEO, Invest Shoppe India Ltd said, “Banks usually take the plea that their relationship with a locker holder is that of a landlord and a tenant. Hence they are not liable for any loss due to theft or devastation caused by any act of God, unless the loss is due to the negligence on the part of a bank official. However, that is not the true picture.”

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