In a recent case, the Bombay High Court criticized the Bank of Maharashtra for its handling of an 88-year-old man’s bank locker. The issue arose when H.H. Malu sought the return of his late wife’s jewellery, which had been seized by the Income Tax Department and placed in a bank locker two decades ago. Despite a 2018 order from the I-T Department to release the jewellery, the items were untraceable when Malu attempted to retrieve them.
The court expressed concern over the treatment of the senior citizen, emphasizing that both the bank and the I-T Department failed in their responsibilities. Ultimately, the Bank of Maharashtra agreed to compensate Malu with ₹60 lakh, reflecting the current value of the missing 700 grams of gold jewellery. The High Court appreciated the bank’s decision to shoulder the entire compensation, noting it as a “most reasonable approach.”
This case highlights the importance of banks adhering to proper protocols when handling customers’ valuables. The Supreme Court has previously ruled that banks cannot break open lockers without prior notice to the locker holder and must follow legal procedures to avoid being deemed grossly negligent.
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