New Delhi, Sept. 1 -- The safest option that comes to mind when it comes to keeping your gold jewellery is a bank locker. However, there is always a fear lingering in the mind: what if a theft occurs at the bank? Will the bank compensate?

The Reserve Bank of India regulates the functioning of locker facilities in India and has laid down a regulatory framework, in addition to the operational rules of individual banks. The RBI last updated its guidelines in August 2021 to improve transparency and accountability.

Under the RBI's locker guidelines, banks are required to exercise reasonable care in safeguarding locker facilities. However, in cases such as theft, burglary, fire, robbery or fraud committed by bank employees, their liability is...