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Khattar proposes to make bank lockers’ disclosure mandatory

August 11, 2018 06:17 AM

Khattar proposes to make bank lockers’ disclosure mandatory
CHANDIGARH: Haryana chief minister (CM) Manohar Lal Khattar has drawn the attention of the Union government to the issue of liability for the loss of valuable items deposited in the bank lockers and suggested making disclosure of valuable assets kept in lockers mandatory.

“With this, banks could easily buy a group insurance policy for the hirers of lockers,” Khattar wrote in a letter to Union finance minister Piyush Goyal, adding, that if for some reasons, this was considered impractical, customers could at least be given a choice to disclose.

The CM said that even if the banks did not get the lockers of even the subset of willing customers insured, this would help the bank and the government in quickly dealing with the claims, should an eventuality arise. This, he said, would be a step forward since the Reserve Bank of India had not yet framed any parameters for assessing such losses.

Khattar said that people keep their valuables in bank lockers as they deem it a safe and secure place.

Yet, the fact was that the banks were not liable for the loss of valuables even when caused by a natural disaster or a criminal act as the non-disclosure clause in the locker agreement provides that the hirer need not disclose the contents of the valuable items put in the locker, he added.

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