Moradabad resident Alka Pathak had saved Rs 18 lakh cash in her locker at Bank of Baroda’s branch in October last year, which was subsequently eaten by termites. She had been saving the money for her daughter’s wedding.

Moradabad: A bizarre and tragic incident has emerged from Uttar Pradesh’s Moradabad, where a woman lost cash worth Rs 18 lakh, which she had been saving for her daughter’s wedding. The woman had stored the cash in a bank’s locker, which was ultimately eaten by termites.

In October of last year, Alka Pathak placed Rs 18 lakh in cash in her locker at the Ashiana branch of the Bank of Baroda. She received a call from bank employees, who requested her to visit the branch for updating her ‘Know Your Customer’ details and renewing the locker agreement. However, upon opening the locker, she was stunned and devastated to find that the notes she had painstakingly saved for her daughter’s wedding had turned to dust due to a termite infestation. Bank officials were also shocked by the incident.

When the matter garnered widespread attention and the media questioned them for explanations, the bank staff mentioned that they had submitted a report to the Bank of Baroda headquarters.

Pathak has claimed that the bank officials are also not sharing any information with her. She stated, ‘If I do not receive a response and support from the bank, I will seek assistance from the media to highlight the issue.’

What Are The RBI Guidelines Regarding Locker Agreements?

Recent regulations enforced by the Reserve Bank of India have introduced restrictions on the storage of cash in bank lockers. Updated agreements for safe deposit lockers now stipulate that customers can only use lockers for legitimate purposes, such as storing jewelry and documents, and should not utilize them to store cash, weapons, drugs, illegal items, or hazardous substances.

However, in cases like Alka Pathak’s, the agreement lacks clear guidance. It states, ‘The bank shall not be liable for any damage and/or loss of contents of the locker arising from natural calamities or Acts of God, such as earthquakes, floods, lightning, thunderstorms, or any act attributable solely to the fault or negligence of the customer. The bank shall, however, exercise appropriate care in maintaining its locker systems to protect its premises from such catastrophes.’

Bank Locker Not For Storing Cash

According to the Bank of Baroda locker agreement, the license to use the locker is exclusively for legitimate purposes, such as storing valuables like jewelry and documents, and not for storing cash or currency.

The bank’s website specifies that it will be responsible for any loss of locker contents due to theft, burglary, or robbery. It states, ‘The bank shall be liable to pay you 100 times the prevailing safe deposit locker annual rent. This compensation also applies in case of fire, building collapse, or fraud.’”