100 Times Annual Rent as Compensation for Bank Locker Losses, Confirms Nirmala Sitharaman.

NEW DELHI: Union Finance Minister Nirmala Sitharaman has clarified that bank locker holders are entitled to a compensation amounting to 100 times the annual locker rent in the event of loss of items stored within. The Minister was responding to a query raised by Congress MP Namdeo Dasaram Kirsan during the Question Hour in the Lok Sabha.

The Finance Minister pointed out that banks do not have the legal authority to inspect the contents of a locker or verify the value of the items kept inside by customers. Due to this restriction, providing insurance coverage based on the actual market value of the stored goods is currently impossible. Consequently, the government has decided that in cases of locker break-ins or other types of losses, a flat compensation of 100 times the annual rent will be provided to the affected customer. (IN)

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