Termites in a bank locker caused a woman from Uttar Pradesh to lose money she had saved for her daughter’s wedding, totaling 18 lakh rupees, in a heartbreaking occurrence.
Alka Pathak, a resident of Moradabad, kept cash totaling 18 lakh rupees in her locker at the Bank of Baroda’s Ashiana branch in October of last year. She was recently contacted by bank staff who urged her to come in to the branch to renew the locker agreement and to update her “Know You Customer” information.
Ms. Pathak was devastated when she checked her locker to make sure everything was in order. The money she had meticulously saved for her daughter’s wedding had been destroyed by termites and reduced to dust.
The event also startled bank employees. The bank staff claimed they had filed a report to the Bank of Baroda headquarters after the situation was widely publicised and the media hounded them for information.
Ms. Pathak claims that the bank employees are also withholding information from her. She has stated that she will turn to the media for assistance in amplifying the problem if she receives no response or support from the bank.
The Reserve Bank of India’s most recent regulations forbid the keeping of any cash in bank lockers.
According to the Bank of Baroda locker agreement, “The license to use the Locker hereby granted is only for lawful purposes, such as storing valuables like jewelry and documents but not for any other purpose.”
According to the bank’s website, any loss of locker contents “caused by theft, burglary, or robbery” will be its responsibility. “The bank shall be obligated to pay you 100 times the current annual rent for a safe deposit box. It indicates that this compensation is also applicable in the event of a fire, building collapse, or fraud.