Termites eat 18 lakh cash stored in bank locker. Here's what RBI rules say
A woman lost her hard-earned savings of Rs 18 lakh to termites in a bank locker in Uttar Pradesh
The shocking incident came to light at Bank of Baroda's Ashiana branch in Moradabad
Alka Pathak had kept cash worth Rs 18 lakh in her locker in October last year
She had saved this money for her daughter's wedding
Bank employees recently asked her to visit the branch for the renewal of the locker agreement and to update her KYC details
When Pathak opened her locker, she was devastated to find that the currency notes had turned to dust after a termite attack
Notably, the Reserve Bank of India had introduced new regulations that prohibit the storage of any cash in bank lockers
The Bank of Baroda locker agreement states, The license to use the locker hereby granted is only for legitimate purposes such as storing of valuables like jewelry and documents but not for storing any cash or currency
The bank website states that it will be responsible for any loss of locker contents ‘caused by theft, burglary, or robbery’
‘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,’ it states