The Reserve Bank of India has issued a circular to all commercial banks asking them to maintain a continuous check on the operations of customers' lockers and take required steps to maintain the safety of these safe deposit vaults.

"The security procedure should be well-documented and the staff concerned should be properly trained in the procedure. The internal auditors of the bank should ensure that the procedures are strictly adhered to," the circular reads.

However, the apex bank has refrained from commenting on the issue whether banks are liable to pay the customer in case there is a burglary/theft in the vaults in banks.

Banks have so far always defended themselves in such cases saying that there is no "entrustment" of contents placed in lockers by the depositor to the bank. Therefore, the banks are not responsible for its contents.

The National Consumer Disputes Redressal Commission (NCDRC) has opposed banks' stance saying "the depositors had taken the lockers on rent only because of the security provided by the bank and it is not simply a landlord and tenant relationship."

"The depositors have kept jewellery and other valuable articles on the assurance that the bank will provide complete security...".