New Delhi: Do not expect any compensation for theft or burglary of valuables in safe deposit boxes of public sector banks as the locker hiring agreement absolves them of all liability. This bitter truth was disclosed in an RTI response by the Reserve Bank of India (RBI) and 19 PSU banks. Accordingly, hirers are advised in their own interest to insure any item of value deposited in a safe deposit locker in the bank,” they have said. He alleged that all these banks, also including State Bank of India, Indian Overseas Bank, Syndicate Bank, Allahabad Bank and others, have formed a “cartel” to indulge in such “anti-competitive” practices. The lawyer has sought a probe under the Competition Act into the allegation of cartelisation by the banks in respect of the locker service.

Source: Mint June 25, 2017 08:48 UTC