New Delhi: If you have rented a locker in a bank to keep jewellery or valuables then this news is useful for you. The Reserve Bank (RBI) during the last few years has made a few changes in the rules related to bank lockers. Under the new rules it is necessary for the customer to sign a new locker agreement. If the agreement is not signed then there can be a risk for both you and the locker. Not only this but the bank can also seal your locker. In such a situation the customer taking a bank locker must sign the revised rental agreement. The customer can seek legal aid According to a report about 20% of the account holders who rented lockers from the bank have not signed a new agreement even after the RBI deadline has passed. In such a situation their locker can be sealed. There is a provision in the revised locker agreement that if the bank is unable to keep the items kept in the locker safe then the customer can seek legal remedies. Action can be taken by the bank against the customer who does not follow the rules related to the locker and the RBI is monitoring this entire matter at its own level. Banks have sent notices for agreement renewal According to the news published in ET banks contacted the Reserve Bank regarding this in the past few days. Banks may get permission to send a final notice to the customer and seal the locker. The purpose of such action is to ensure compliance with the rules and save banks from supervisory concerns. Currently banks are sending notices to remind customers of agreement renewal. Let us tell you that the updated guidelines for locker agreement issued by RBI were required to be fully implemented by March 2024. Many customers did not contact the bank even after repeated reminders Earlier in August 2021 the RBI directed banks to implement new agreements with existing locker holders by January 1 2023 keeping in mind the complaints and feedback of the customers. Later this time limit was extended to December 2023. After this it was further extended till March 31 2024. A bank official says that there are some customers who have not come despite repeated reminders. There are also some cases where there are legal cases between the concerned parties. Locker operation may be suspended During talks with the RBI some bank officials have sought permission to suspend locker operations and issue notices to customers if they do not follow the rules. Banks have sought permission to extend the March 31 2024 deadline and give more time to follow the rules. Banks have suggested a new deadline of December 2025 to the RBI. HIGHLIGHTS Your bank locker could be suspended even sealed with your valuables inside. The RBI during the last few years has made a few changes in the rules related to bank lockers. Under the new rules it is necessary for the customer to sign a new locker agreement. About 20% of the account holders who rented lockers from the bank have not signed a new agreement. There is a provision in the revised locker agreement that if the bank is unable to keep the items kept in the locker safe then the customer can seek legal remedies. Action can be taken by the bank against the customer who does not follow the rules related to the locker and the RBI is monitoring this entire matter at its own level.