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RBI extends deadline for banks to renew safe deposit locker agreements
The Reserve Bank of India (RBI) on January 23 extended the deadline for banks to complete the process of renewal of agreements for the existing safe deposit lockers. The deadline will be extended in a phased manner by December 31, 2023, with intermediate milestones of 50 percent by June 30, 2023, and 75 percent by September 30, 2023, the RBI said in a release. Further, banks have been advised to make necessary arrangements to facilitate the execution of the revised agreements by ensuring the availability of stamp papers, etc, the RBI said. Further, in cases where operations in lockers have been frozen for non-execution of the agreement by January 1, 2023, the same shall be unfrozen with immediate effect, the central bank said. Source - Money Control
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