What are a bank's obligations if a locker is damaged or its contents go missing?

Question

I opened my bank locker and found items missing and the locker compartment itself damaged. I want to know what compensation the bank owes me. What I am unsure about is the procedure — where the application goes, what it costs, and how long bank locker missing items matters usually take. A plain explanation of the steps, in order, would help more than a general answer.

MyVakeel Legal Desk · Accepted Answer

The law that applies to bank locker missing items here is RBI Revised Guidelines on Safe Deposit Locker/Safe Custody Article Facility, 2021, Indian Contract Act 1872, Sections 148 and 151, Consumer Protection Act 2019, Section 2(11) and Banking Regulation Act 1949, Section 21A. The detail below matters, because RBI Revised Guidelines on Safe Deposit Locker/Safe Custody Article Facility, 2021 draws the line differently depending on what your documents show.

The RBI's 2021 revised locker guidelines require banks to ensure adequate safeguards including CCTV coverage, dual custody and periodic maintenance, and hold the bank liable for loss due to its own negligence, fraud or the acts of its employees, capped at 100 times the annual locker rent in normal circumstances.

Where loss occurs due to fire, theft, burglary, robbery, building collapse or bank fraud, the RBI guidelines make the bank's liability more extensive rather than limited to the standard cap, because these are events within the bank's control to prevent through adequate security.

Under Sections 148 and 151 of the Indian Contract Act 1872, a bank as bailee of locker premises and any deposited articles owes a duty to take reasonable care as a person of ordinary prudence would take of their own goods of similar bulk, quality and value.

The bank's revised locker agreement, mandated in a standard format by RBI, must clearly state the liability framework, and any clause completely excluding bank liability for loss due to its own negligence is void as an unfair contract term under the Consumer Protection Act 2019.

Failure of the bank to maintain the mandated safeguards or to compensate the locker holder for a loss covered under the RBI framework is a deficiency in service under Section 2(11) of the Consumer Protection Act 2019.

What this means for you: 1) Get an inventory of the missing or damaged items recorded jointly with the bank in the presence of witnesses; 2) Lodge a police complaint (FIR) if theft or burglary is suspected, and inform the bank in writing immediately; 3) Request the bank's locker agreement and CCTV footage relevant to the period in question; 4) File a consumer complaint claiming compensation as per the RBI liability framework if the bank refuses to pay.

Where the facts are disputed, what usually decides a bank locker missing items matter is the paper trail — dated complaints, acknowledgments and written replies under RBI Revised Guidelines on Safe Deposit Locker/Safe Custody Article Facility, 2021. You can post the details on the MyVakeel forum for a practising advocate to review, or book a paid consultation with a Bar Council verified lawyer in consumer law.