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India: Bank lockers not covered under comprehensive bank insurance policies

July 15, 2014 - 6:00am

Recently, a major fire broke out in a building housing a State Bank of India office on Rajaji Salai, raising questions about the safety of lockers.

G. Srinivasan, chairman of New India Assurance Co. Ltd., said "banks normally take a comprehensive cover" and such policies do not cover bank lockers "as what is kept inside them is not known," The Times of India reported. Insurers said banks are only renting space to the clients in the form of lockers.

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