The Supreme Court on Friday said banks cannot wash off their hands towards customers for the operation of lockers and directed the RBI to lay down regulations within six months, mandating the steps to be taken by banks to manage lockers.
A bench comprising Justices M. M. Shantanagoudar and Vineet Saran said with the advent of globalisation, banking institutions have acquired a very significant role in the life of the common man as both domestic and international economic transactions within the country have increased multiple folds.
The top court said people are hesitant to keep their liquid assets at home as “we are moving towards a cashless economy”.
“Thus, as is evident from the rising demand for such services, lockers have become an essential service provided by every banking institution. Such services may be availed of by citizens as well as by foreign nationals,” the bench said.
Moreover, due to rapid gains in technology, “we are now transitioning from dual keyoperated lockers to electronically operated lockers”, the top court said. In the electronically operated lockers, though the customer may have partial access to the locker through passwords or ATM PIN they are unlikely to possess the technological knowhow to control the operation of such lockers, the bench said.
