Expert welcomes SC ruling on bank lockers

Aurangabad, Feb 21 (Agency) Aurangabad based well known economist and author as well as social worker Dr. D S Kate on Sunday welcomed the recent decision of the Supreme Court directing the Reserve Bank of India(RBI) to make new rules regarding bank lockers. In it’s historic ruling the Apex court asked the RBI to change the rules and ensure the safety of the customers. Reacting to the Supreme Court’s judgement Dr Kate told that he has been pursuing this with the Prime Minister and the Finance Minister since 2016 “I am happy with the decision of the Supreme Court.

In implementing this decision, the Reserve Bank should make transparent rules on gold and cash being kept in the locker illegally, as well as how to insure the jewellery and valuables kept in the locker. The approximate value of the purchase bill of the item shown in the income tax department should be written in the locker so that it is covered by insurance in case of misappropriation” Dr Kate pointed out. The new rules are also expected from the RBI to allow bank officials to inspect the lockers, thus preventing the placement of hazardous items. Dr Kate expressed his hope that the Reserve Bank would come up with new customer oriented regulations.