TV
An unusual incident in Moradabad, Uttar Pradesh, has sparked concerns about the safety of bank lockers in India. Termites have reportedly consumed cash amounting to Rs 18 lakh stored in a bank locker by a woman for her daughter’s wedding.
Shockingly, despite the considerable sum involved, the bank has refused to compensate the locker owner. The unusual theft came to light recently, although the incident occurred back in October 2022.
As per reports, the woman had placed the money along with some jewellery in the bank locker for her daughter’s marriage. However, to her shock, she found all the cash to be devoured by the termites when she opened the locker months later in 2023.
According to reports, the woman is still awaiting compensation from the bank that has cited the policy of non-liability for damages arising from natural causes or customer negligence. This case throws light on the potential vulnerabilities faced by bank locker users.
Guidelines set by the Reserve Bank of India (RBI) dictate compensation only for theft, damage due to fire, or employee fraud, with liability capped at 100 times the annual locker rent. Exclusions include natural disasters and customer negligence.
The bank has argued that improper storage of the cash, which led to the termite damage, exempts it from liability, highlighting the fine line between securing one’s valuables and the institution's responsibilities.
Experts have advised the use of well-sealed, waterproof bags while securing cash or valuables in lockers. Instead of keeping large amounts of cash in lockers, it is recommended to deposit them in bank accounts or create fixed deposits. Regular checks of locker conditions during bank visits and considering insurance for valuable items are also advisable.
