i) The banks/DFIs shall ensure that 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 banks/DFIs may review their
existing security arrangements to outsource the same
to a security agency enlisted on the approved panel
of Pakistan Banks Association (PBA). The banks may decide
at their own to obtain or otherwise, any undertaking
from the head of the security company for recovery of
losses incurred on breakage of lockers by the security
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 bank/DFI shall
carry out due diligence at the branch for the appointment
of their own security guard(s).
The banks/DFIs shall review their existing insurance
agreements and shall obtain comprehensive insurance
with clear cut “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.
The banks/DFIs shall properly convey the terms &
conditions (including size, rent/p.a, insurance ceiling
etc) to the existing locker holders / new locker holders.
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.