Replying to a written question in the Lok Sabha on Monday, Union Finance Minister Nirmala Sitharaman informed that over 1.09 crore bank lockers were operational in Public Sector Banks (PSBs) as of March 31, 2025.
As per the statement laid in the House, 40 cases of locker theft were reported in PSBs during the period from FY 2020-21 to FY 2024-25.
The Minister also highlighted the cooperative sector, stating that Rural Cooperative Banks operate 11.22 lakh locker facilities, based on inputs from NABARD.
The Reserve Bank of India has issued revised guidelines on locker safety, including a model locker agreement, enhanced security standards, SMS/email alerts, and defined compensation frameworks.
Banks are required to ensure strong room security, CCTV surveillance, alarm systems, and periodic audits. In cases of proven negligence, banks are liable to compensate customers up to 100 times the annual locker rent, as per existing norms.
