Locker loss cover fixed at 100 times annual rent: Finance Minister

The compensation limit of bank lockers in cases of theft or loss has been capped at 100 times the annual rent of the locker, said the Union Finance Minister Nirmala Sitharaman. "This limit exists because banks do not know or assess the contents of lockers, and asking customers to disclose valuables would violate banking confidentiality norms," she told Lok Sabha.