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RBI Caps Bank Locker Compensation At 100x Annual Rent: Sitharaman Explains Why
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RBI Caps Bank Locker Compensation At 100x Annual Rent: Sitharaman Explains Why
Union Finance Minister Nirmala Sitharaman on Monday clarified that compensation for bank locker losses is capped at 100 times the annual rent, in line with Reserve Bank of India (RBI) guidelines, primarily because banks are not permitted to know what customers store inside their lockers. Responding to a supplementary question raised by Congress MP Namdeo Dasaram Kirsan in the Lok Sabha, Sitharaman explained that any attempt to assess compensatio…
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