The Reserve Bank of India (RBI) on April 01, 2026, issued an Update to Reserve Bank of India (Urban Co-operative Banks – Responsible Business Conduct) Directions, 2025.
The following has been stated namely: -
• Definition of “Digital Payment Transaction” has been inserted in (9a) namely: -
“Digital Payment Transaction shall have the same meaning as “Electronic Funds Transfer” defined in section 2(c) of the Payment and Settlement Systems Act, 2007”
• A UCB shall ensure that the inventory prepared after breaking open of the locker and during settlement of claims, is as per Annex III (effective till March 31, 2026) or Annex XII (effective on or after April 01, 2026, or if implemented earlier by the 56 UCB) or as near thereto as circumstances require.
• A UCB shall not open sealed/closed packets left with them for safe custody or found in locker while releasing them to the nominee(s) and surviving locker hirers/depositor of safe custody article, unless required by law.
The instructions shall be complied with as expeditiously as possible but no later than April 01, 2026.
[Notification No. RBI/DOR/2025-26/292]
