NBFCs can offer safe deposit locker

KOLKATA: Reserve Bank of India has allowed non banking finance companies offer safe deposit locker facility to their customers, a decision which is likely to ease the demand.

But, the central bank said it would not regulate safe deposit locker facility from NBFCs.

"NBFCs offering safe deposit locker facility or intending to offer it, shall disclose to their customers that the activity is not regulated by the Bank," RBI said in a note to NBFCs.

This would add to their fee based income. RBI said this should not be reckoned as part of the financial business carried out by them.

RBI took that decision after it received proposals from NBFCs seeking approval for offering safe deposit locker facilities.