The State Bank of Pakistan (SBP) has directed the banks/DFIs to ensure that the safe deposit locker rooms in their respective branches are adequately secured from all sides and the security arrangements in place are fool-proof and meet the security standards developed by each bank/DFI.
The central bank said that it has been brought to the knowledge of the SBP that some banks are reluctant to honour the claims with regard to vandalism of lockers by the security guards or by their employees. This is being attributed to a clause in their agreement with the insurance companies, which restrict them to honor such claims. This position has been reviewed and it has been decided to issue these instructions on the subject.
The SBP said that banks/DFIs may review their existing security arrangements to outsource the same to a security agency enlisted on the approved panel of the Pakistan Banks Association (PSA). They may decide at their own to obtain or otherwise, any undertaking from the head of the security agency for recovery of losses incurred on breakage of lockers by the security guards.
In case the bank branches are providing safe deposit locker facility in areas where security agency on the PBA approved panel is not available, the banks/DFIs shall carry out due diligence at the branch for the appointment of their own security guards.
The banks/DFIs shall review their existing insurance agreements and shall obtain comprehensive insurance with clear out "Cap Limits" on various sizes of lockers at competitive rates from the insurance companies ready to cover the act of vandalism of lockers both by the security guards and employees of the banks/DFIs.
They shall properly convey the terms and conditions (including size, rent/pa, insurance ceiling, etc) to the existing locker holders/new locker holders. The consent of all existing/new locker holders shall be obtained for the insurance ceiling, etc.
In case of breakage/damage to the locker by any means, the locker-holder shall be compensated by the bank/DFI immediately as per the insurance ceiling of the locker.