Locker loss cover fixed at 100 times annual rent: Nirmala Sitharaman
NEW DELHI: The standard insurance coverage for bank locker holders is fixed at 100 times the annual locker rent in case of any loss, Finance Minister Nirmala Sitharaman said on Monday.
Replying to a supplementary question in the Lok Sabha during Question Hour, FM Sitharaman clarified that banks are not allowed to check or record the valuables kept by customers in lockers, as doing so would violate banking regulations.
"Because of this restriction, it is not possible to offer insurance coverage based on the actual value of items stored," the Finance Minister stated.
FM Sitharaman explained that any attempt by banks to monitor what customers store in lockers would amount to a breach of privacy and rules.
The minister said that since banks cannot inspect or evaluate locker contents, a uniform rule has been put in place.
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