Termites Destroy ₹5 Lakh in Noida Bank Locker, Customer Demands Refund

Noida, India — In a bizarre incident in Noida, termites devoured ₹5 lakh stored in a bank locker, leaving the customer shocked and demanding compensation. The customer, who had deposited cash and jewelry in a locker at the Citizen Cooperative Bank in Sector 51, discovered the damage after opening the locker three months later. The bank management, however, refused responsibility, claiming they were not liable for the loss.

The Shocking Discovery

The customer had placed ₹5 lakh in cash and some jewelry in the locker. Upon opening it after three months, he found that termites had completely destroyed ₹2 lakh worth of notes, while another ₹3 lakh in cash was severely damaged and rendered unusable.

In response, the customer immediately filed a complaint with the bank, requesting compensation for the ₹2 lakh that had been destroyed and asking the bank to exchange the remaining ₹3 lakh worth of damaged notes. The incident sparked concern among other locker holders at the bank, leading to a rush of customers checking their lockers for potential damage.

Bank’s Response

Upon learning about the issue, the bank’s management contacted all locker holders, advising them to check their lockers for termite damage. The bank's manager, Alok Kumar, acknowledged the issue and admitted that there was dampness in the bank's walls, which had led to a termite infestation. However, he reassured customers that no other lockers had been affected.

The bank’s senior manager, Indu Jaiswal, explained that lockers are intended for storing essential documents, property papers, and valuables such as jewelry. She pointed out that according to the Reserve Bank of India (RBI) guidelines, cash should not be stored in bank lockers. "Storing cash in a locker is against RBI guidelines. If someone stores money in a locker, they must prove the legality of the cash," she added.

Customer's Outrage and Bank Fees

The customer expressed frustration with the bank, noting that they charge a locker fee ranging from ₹2,000 to ₹12,000 per year. He argued that, given the fees, the bank should be responsible for ensuring the safety and protection of the items inside, including routine termite treatment. The customer claimed that the bank’s negligence in failing to prevent termite infestation led to his loss.

In response to the allegations, the bank acknowledged that while there was dampness in the building, it had not caused widespread damage to the lockers. The customer’s demand for compensation, however, was rejected by the bank.

RBI Guidelines on Lockers

According to RBI regulations, lockers are primarily meant for storing important documents and valuable items, such as jewelry, and not cash. The RBI has issued specific guidelines that prohibit keeping currency in lockers, and those who choose to do so must prove the legality of the cash stored.

The incident has raised concerns about the security of bank lockers and has prompted a discussion about the responsibilities of banks in ensuring the safety of their customers’ belongings.

For now, the customer remains in a dispute with the bank, seeking a resolution for the ₹5 lakh lost to termites.