On Friday, the Supreme Court (SC) has asked the RBI to set new framework for bank locker management in six months' time.
And in its observations, the SC held that banks cannot deny customer's interest claiming ignorance about the contents in the locker. Also, it maintained that the current ruling has been vague in relation to locker management.
And now the bench headed by Justice MM Shantanagoudar and Vineet Saran suggested that with the advent of globalization, banks are now even more important in the life of individuals as there has been an increase in both domestic as well as international transactions. And this becomes all the more crucial that RBI comes up with specific and detailed guidelines on the locker management.