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Banks working on digitising locker agreements
August 29, 2023
With the September 30 deadline of getting the signature of least 50 per cent of their locker holders on a revised agreement looming, banks are internally working on a process to get the agreements signed digitally.
According to highly placed sources, individually banks may not have obtained signatures of even 30 per cent of existing locker holders for the revised locker agreements. Collectively for the banking system, the adoption of these new agreements for existing customers is estimated to be much less.
To expedite the process, banks are exploring whether the new agreements could be signed digitally.
Aadhaar-enabled signature verification, email confirmation and confirmation through SMS are some of the possibilities that banks are exploring.
“We have communicated our plans to pursue the revised locker agreements through digital consent mode and the regulator is okay with this in priciple,” said a senior executive of a private bank.
Banks are now working on the best possible modes of obtaining consent and signatures of locker customers digitally.
“Back-end systems are being put in place to find out how best we can do this digitally.
“In a week or two, forms or processes involved in obtaining the signatures digitally will be rolled out,” said a CEO of a public sector bank.
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- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/
