Jewellery worth ₹50 lakh stolen from SBI bank locker; who will cover the loss? Know the RBI's compensation rule..

We often assume that jewelry kept in bank lockers is completely safe; however, there have been instances where valuables have been stolen even from bank lockers. A recent case of this nature has emerged from the State Bank of India (SBI) branch in Swaroop Nagar, Kanpur. A woman has alleged that jewelry and valuables worth approximately ₹50 lakh have gone missing from her locker.

It is reported that the woman visited the bank to check her locker after about four months and found the jewelry missing. The police are currently investigating the matter. When such incidents occur, the primary question that arises in people's minds is: if jewelry or other valuables are stolen from a bank locker, who is held responsible, and who compensates for the loss? Here is an overview of the relevant rules and your rights:

**What are the RBI rules regarding the theft of valuables from lockers?**
According to Reserve Bank of India (RBI) regulations, a bank is held liable for the theft of jewelry or valuables from a locker only if negligence on the part of the bank is proven. In other words, if there is a security lapse—such as malfunctioning cameras, inactive security alerts, or an error by a bank employee—the bank may be held accountable for the stolen jewelry.

However, the bank cannot be held responsible in every instance. If there has been no negligence on the part of the bank, the liability for the theft or loss cannot be placed solely on the bank. In such cases, the determination of who compensates for the loss is made based on the investigation.

**How ​​much compensation is provided for stolen or missing items?**
The question then arises: how much compensation is actually provided in such cases? According to RBI's 2022 guidelines, if items kept in a locker go missing due to the bank's negligence, the bank is required to compensate the customer. However, this compensation is not unlimited. As per the rules, a bank may be held liable to pay compensation of up to 100 times the annual locker rent. Therefore, in the event of a dispute, it is examined whether the theft or disappearance was caused by the bank's negligence.