These Two Bank Related Regulations Will Be Changed From January 1, 2022

From January 1, 2022, some rules and regulations related to banks are going to change, according to the RBI notifications. The first one is regarding ATM transactions and the other one is related to your bank lockers.

Rule regarding ATM transaction

From January 1, 2022, you might have to bear a higher cost for cash withdrawal / transactions from ATM, if you cross the minimum transaction limit. The central banks has given the permission to banks to charge higher for the same on June, 2021. Banks will continue to provide 5 free transactions every month from their own bank ATMs, 3 free transactions from other bank ATMs in metro cities, and 5 free transactions in non-metro cities. Earlier, the banks would deduct Rs. 20 per extra transaction beyond the mentioned limits. However, the banks will now charge Rs. 21 for the same. "To compensate the banks for the higher interchange fee and given the general escalation in costs, they are allowed to increase the customer charges to Rs. 21 per transaction," - according to the RBI's official notification.

Rule regarding bank lockers

Another regulation the RBI has introduced is about the bank lockers, which will be applicable from January 1, 2022.

On August 18, 2021, the central bank published a notification that said the operating banks will not be able to disown or neglect any loss from the investors' bank lockers, happened due to theft or any kind of by the employees. "The banks shall put in place a detailed Board approved policy outlining the responsibility owed by them for any loss or damage to the contents of the lockers due to their negligence as banks owe a separate duty of care to exercise due diligence in maintaining and operating their locker or safety deposit systems. The duty of care includes ensuring proper functioning of the locker system, guarding against unauthorized access to the lockers and providing appropriate safeguards against theft and robbery," - according to the RBI's official notification.

Additionally, the RBI has mentioned that a bank will not be able to sell any insurance to its customers for the locker contents. This has been mentioned to prevent the parallel and coercive insurance sales.