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Banks cannot inspect locker contents, says Finance Minister in Lok Sabha

Finance Minister Nirmala Sitharaman clarified in the Lok Sabha that banks cannot see or record the contents of customer lockers, making it impossible to provide differential insurance based on actual valuables

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Finance Minister Nirmala Sitharaman. File Pic

Finance Minister Nirmala Sitharaman. File Pic

Banks cannot see or record what valuables customers store in lockers, as it would lead to a breach of banking regulations, Finance Minister Nirmala Sitharaman said on Monday, ruling out differential insurance coverage based on contents.

Sitharaman was replying to a supplementary question raised by Congress leader and MP from Gadchiroli Chimur constituency, Namdeo Dasaram Kirsan, in the Lok Sabha during the Question Hour.

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