Bank Locker Rules: What if your jewelry goes missing? Know your compensation!

• A customer reported gold ornaments missing from her Punjab National Bank locker in Kirti Nagar, South West Delhi, sparking social media outrage and chaos at the branch.
• Police investigation found no signs of tampering or theft, despite the locker being a joint one and last accessed on February 5.
• According to RBI rules, banks are generally not responsible for locker losses unless due to bank negligence (staff fault, non-functioning CCTV, security lapses).
• If bank negligence is proven, compensation is limited to 100 times the annual locker rent; for example, a Rs. 4,000 rent yields a maximum of Rs. 4 lakhs.
• Customers are advised to read locker agreements, keep records of items, and consider separate insurance for valuable items as bank compensation is often less than actual value.