SBI Bank Locker Case: Woman Finds Locker Empty After 23 Years, Jewellery Worth Rs 50 Lakh Missing — Know RBI Locker Rules

A case involving a bank locker in Kanpur has raised questions about the security of valuables kept inside bank lockers after a woman alleged that jewellery worth around Rs 50 lakh was missing from her locker at a State Bank of India branch.

The woman, identified in reports as Rashmi Arora, had reportedly kept gold and silver jewellery in a locker at the erstwhile State Bank of Travancore branch in Kanpur in 2003. The bank was later merged with SBI. According to reports, an FIR has been registered against the bank branch manager and employees.

Woman Finds Locker Empty After Years

According to reports, Rashmi Arora and her husband opened a savings account with the erstwhile State Bank of Travancore in 2003 and were allotted locker number 23. The family kept gold and silver jewellery worth approximately Rs 50 lakh inside the locker.

After her husband's death, Arora moved from Kanpur to Lucknow to live with family members and did not regularly visit the branch. When she later returned to the bank with her daughter, she was informed that State Bank of Travancore no longer existed due to its merger with SBI.

After the locker was eventually accessed, the woman allegedly found that the jewellery was no longer present.

Bank Records Raise Questions About Locker Access

Reports indicate that bank records showed the locker was opened in 2020, even though the woman had reportedly not accessed it for a long period. That information has raised questions about who accessed the locker and whether required procedures were followed.

Police are examining locker access records, CCTV footage and other documentation. The investigation is ongoing and the allegations have not yet established that any particular employee stole the jewellery.

How Much Can Banks Pay If Locker Contents Are Lost

Under the Reserve Bank of India's locker framework, the bank's liability is generally capped at 100 times the annual locker rent. This applies in cases involving theft, burglary, robbery, fire or certain acts of negligence or fraud attributable to the bank.

For example, if a locker has an annual rent of Rs 5,000, 100 times the annual rent would be Rs 5 lakh. If valuables worth Rs 50 lakh were stored inside, the customer cannot automatically assume the bank would pay the entire amount.

The reason is that banks do not normally maintain an inventory of locker contents. Unlike a deposit account where the bank records the amount held, a locker gives customers privacy over contents.

What the Bank Merger Means for Locker Holders

State Bank of Travancore was among the associate banks merged into SBI in 2017. When banking relationships are transferred following a merger, customers need to ensure their locker records have been properly migrated and updated.

Long-term locker holders should keep copies of their locker agreement, rent receipts and other relevant documents, particularly if the original bank has undergone a merger.

What Should Customers Do If Valuables Are Missing

Customers who suspect unauthorized access should inform the bank in writing, ask for locker access records, preserve agreements and rent payment records, request the bank to preserve CCTV footage, and file a police complaint. They can also approach the RBI's complaint-resolution mechanisms after following the bank's internal grievance process.

Key Takeaway for Bank Locker Users

The Kanpur case serves as a reminder that a bank locker provides secure storage, but it is not the same as full-value insurance for everything kept inside it. Customers storing high-value jewellery should separately consider appropriate insurance coverage. The investigation will determine what happened to the jewellery and whether any bank personnel were responsible.