Lok Sabha Question No. 3700 (UNSTARRED), answered on 2026-03-16
Subject: Missing Valuables in Bank Lockers
Ministry: FINANCE
Asked by: Shri Mohite Patil Dhairyasheel Rajsinh, Smt. Supriya Sule, Shri Sanjay Dina Patil, Prof. Varsha Eknath Gaikwad, Shri Bhaskar Murlidhar Bhagare, Dr. Amol Ramsing Kolhe

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF FINANCIAL SERVICES

## LOK SABHA UNSTARRED QUESTION NO. 3700

ANSWERED ON MONDAY, MARCH 16, 2026/ PHALGUNA 25, 1947 (SAKA)

## Missing Valuables in Bank Lockers

## 3700 SHRI SANJAY DINA PATIL:

PROF. VARSHA EKNATH GAIKWAD: SHRI MOHITE PATIL DHAIRYASHEEL RAJSINH: SHRI BHASKAR MURLIDHAR BHAGARE: DR. AMOL RAMSING KOLHE: SMT. SUPRIYA SULE:

Will the Minister of FINANCE be pleased to state:

- (a) whether the Government is aware of reported incidents of gold and valuables kept in bank lockers going missing across the country, despite lockers being operated under the revised RBI Locker Agreement, 2021, if so, the details thereof;
- (b) whether the Government has compiled any data on such complaints during the last five years and the compensation provided to affected locker holders, if so, the details thereof, bank-wise and State-wise;
- (c) whether it is a fact that customers continue to face difficulties in establishing liability due to limited accountability clauses, delayed investigations and weak grievance redressal mechanisms, if so, the details thereof;
- (d)  whether  the  Government  proposes  to  strengthen  regulatory  oversight,  mandate  comprehensive insurance cover for locker contents and fix time-bound responsibility on banks in cases of loss, theft or damage, if so, the details thereof; and
- (e) the steps being taken by the Government to restore public confidence in the safety of bank lockers, especially for senior citizens and small depositors in the country?

## ANSWER

## THE MINISTER OF STATE FOR FINANCE (SHRI PANKAJ CHAUDHARY)

- (a) and (b): Reserve Bank of India (RBI) has informed that it does not maintain data relating to instances of gold or other valuables kept in bank lockers going missing. Further, as per the information received from Public  Sector  Banks  (PSBs),  40  such  instances  of  items  gone  missing  from  bank  lockers  have  been established during FY 2020-21 to FY 2024-25 and appropriate compensations as per RBI's guidelines and Board approved policies of banks, have been paid. The PSB-wise and State-wise data is enclosed as per Annexure I & II respectively.

(c) to (e) RBI has issued 'Deposit Locker/Safe Custody Article Facility provided by the banks- Revised Instructions', on 18.08.2021 and the banks have been advised to frame their own Board approved policy/ operational guidelines, considering the same. Some of the key instructions of the said circular include, inter alia, the following:

- i) Model locker agreement for adoption by banks;
2. ii)  Enhanced  standards  of  safety  and  security  both  for  mechanical  and  electronic  lockers  have  been prescribed;
3. iii) The area housing the locker shall remain adequately guarded at all times;
4. iv) Provision of alerts to locker hirer through SMS and email for locker operation;
- v) A detailed procedure has been prescribed for discharge of locker contents by breaking open the locker under various circumstances - at the request of a) customer b) Law enforcement agencies c) Non-payment of locker rent for more than three years d) Locker remaining inoperative for seven years;
6. vi) A Liability / Compensation policy has been prescribed. The banks shall also place on their websites, the model  locker  agreement,  Standard  Operating  Procedures  and  the  instructions/  policies  /  procedures regarding the locker facility.

Also, RBI has introduced 'The Reserve Bank - Integrated Ombudsman Scheme, 2021' with the objective of  enabling  resolution  of  complaints  if  any,  relating  to  services  rendered  by  banks  to  facilitate  the satisfaction  or  settlement  of  such  complaints.  Banks  take  steps  in  accordance  with  the  said  RBI advice/guidelines.

Banks have been advised to form a branch insurance policy with the approval of the Board to minimise the loss due to incidents like robbery, fire, natural calamities, loss during shifting / merger of branch, etc., affecting contents of lockers. As per the RBI's said circular, the banks have now been held liable for events like fire, theft, burglary, dacoity, robbery, building collapse or in case of fraud committed by the employees of the bank. It is the responsibility of banks to take all steps for the safety and security of the premises in which the safe deposit vaults are housed. Bank has the responsibility to ensure that the aforesaid incidents do  not  occur  in  the  bank's  premises  due  to  its  own  shortcomings,  negligence  and  by  any  act  of omission/commission. In such instances where loss of contents of locker are due to incidents mentioned above or attributable to fraud committed by its employee(s), the banks' liability shall be for an amount equivalent to one hundred times the prevailing annual rent of the safe deposit locker.

Banks have put in place several security measures to ensure the safety of locker facilities and to maintain public confidence, including for senior citizens and small depositors. As informed by PSBs, locker units are kept either in strong rooms or in a safe as per Bureau of Indian Standards specifications. Bank branches have been provided with security equipments like closed circuit televisions, burglar alarms with passive infrared devices, fire alarm systems covering the entry and exit of strong room and the common areas of operation, besides measures for proper physical security. These arrangements are subject to regular audit of security.

Further, as per the RBI's said circular, banks are advised to take necessary steps to ensure that the area in which the locker facility is housed is properly secured to prevent criminal break-ins and to securely protect against any natural/ man-made hazard damaging the lockers. The standards/ benchmarks have also been prescribed for the lockers installed by the banks.

Lok  Sabha  Unstarred  Question  no.  3700  for  16.3.2026  regarding  'Missing  Valuables  in  Bank Lockers'

Annexure I PSB-wise data on no. of established cases of items gone missing (Theft/ Dacoity/ missing items/

burglary) from lockers during FY 2020-21 to FY 2024-25:

| Sl. No.   | Public Sector Banks   |   No. of established cases |   Cumulative compensation paid (Rs. in crore)* |
|-----------|-----------------------|----------------------------|------------------------------------------------|
| (i)       | Bank of Baroda        |                          0 |                                           0    |
| (ii)      | Bank of India         |                         14 |                                           0.71 |
| (iii)     | Bank of Maharashtra   |                          0 |                                           0    |
| (iv)      | Canara Bank           |                          0 |                                           0    |
| (v)       | Central Bank of India |                         14 |                                           2.73 |
| (vi)      | Indian Bank           |                          1 |                                           0.47 |
| (vii)     | Indian Overseas Bank  |                          1 |                                           0.7  |
| (viii)    | Punjab & Sind Bank    |                          0 |                                           0    |
| (ix)      | Punjab National Bank  |                          0 |                                           0    |
| (x)       | State Bank of India   |                         10 |                                           1.32 |
| (xi)      | UCO Bank              |                          0 |                                           0    |
| (xii)     | Union Bank of India   |                          0 |                                           0    |
| Total     | Total                 |                         40 |                                           5.93 |

#Source: Public Sector Banks

Lok Sabha Unstarred Question no. 3700 for 16.3.2026 regarding 'Missing Valuables in Bank Lockers' Annexure II

State-wise data on no. of established cases of items gone missing (Theft/ Dacoity/ missing items/ burglary) from lockers in PSBs during FY 2020-21 to FY 2024-25:

| Sr. No.   | State/UT                     |   No. of established cases |   Cumulative compensation paid (Rs. in crore)* |
|-----------|------------------------------|----------------------------|------------------------------------------------|
| 1         | Andhra Pradesh               |                          1 |                                           0.06 |
| 2         | Arunachal Pradesh            |                          0 |                                           0    |
| 3         | Assam                        |                          0 |                                           0    |
| 4         | Bihar                        |                          1 |                                           0.35 |
| 5         | Chhattisgarh                 |                          1 |                                           0.02 |
| 6         | Goa                          |                          0 |                                           0    |
| 7         | Gujarat                      |                          1 |                                           0.02 |
| 8         | Haryana                      |                          1 |                                           0.31 |
| 9         | Himachal Pradesh             |                          0 |                                           0    |
| 10        | Jharkhand                    |                         12 |                                           0.61 |
| 11        | Karnataka                    |                          0 |                                           0    |
| 12        | Kerala                       |                          0 |                                           0    |
| 13        | Madhya Pradesh               |                          0 |                                           0    |
| 14        | Maharashtra                  |                          5 |                                           0.15 |
| 15        | Manipur                      |                          0 |                                           0    |
| 16        | Meghalaya                    |                          0 |                                           0    |
| 17        | Mizoram                      |                          0 |                                           0    |
| 18        | Nagaland                     |                          0 |                                           0    |
| 19        | Odisha                       |                          0 |                                           0    |
| 20        | Punjab                       |                          0 |                                           0    |
| 21        | Rajasthan                    |                          0 |                                           0    |
| 22        | Sikkim                       |                          0 |                                           0    |
| 23        | Tamil Nadu                   |                          0 |                                           0    |
| 24        | Telangana                    |                          0 |                                           0    |
| 25        | Tripura                      |                          0 |                                           0    |
| 26        | Uttar Pradesh                |                         18 |                                           4.41 |
| 27        | Uttarakhand                  |                          0 |                                           0    |
| 28        | West Bengal                  |                          0 |                                           0    |
| 29        | Andaman and Nicobar Islands  |                          0 |                                           0    |
| 30        | Chandigarh                   |                          0 |                                           0    |
| 31        | D&N Haveli and Daman and Diu |                          0 |                                           0    |
| 32        | Delhi                        |                          0 |                                           0    |
| 33        | Jammu & Kashmir              |                          0 |                                           0    |
| 34        | Ladakh                       |                          0 |                                           0    |
| 35        | Lakshadweep                  |                          0 |                                           0    |
| 36        | Puducherry                   |                          0 |                                           0    |
|           | Total                        |                         40 |                                           5.93 |

#Source: Public Sector Banks