General Studies · Locker and Safe Custody Rules
A customer deposits valuables in a safe custody account, and the bank issues a specific receipt. During an audit, it is found that contents are missing due to tampering. Under the regulatory provisions regarding locker and safe custody management, what is the legal position?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The customer is solely responsible unless they purchased specific insurance recommended by the bank.
- 2The bank's liability for such safe deposit locker/custody breach is limited to one hundred times the annual rent/fee as per RBI Master Directions.✓
- 3The bank is liable as a bailee and must prove it took absolute care matching the exact value.
- 4The bank is completely immune because the relationship is strictly that of landlord and tenant.
Correct answer
The bank's liability for such safe deposit locker/custody breach is limited to one hundred times the annual rent/fee as per RBI Master Directions.
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