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The Reserve Bank of India (RBI) on Monday extended the deadline for renewal of locker agreements between customers and banks till December 31, 2023.

The extension was given by the central bank as it was noticed that till January 1, 2023, which was the original deadline for renewal of agreements, a large number of customers had not signed the revised agreement.

Now the banks have been directed by the RBI to complete the process in a phased manner by December 31, 2023.

However, banks have been asked to meet the intermediate milestones of 50 per cent by June 30, 2023, and 75 per cent by September 30, 2023.

In addition to this, banks have been advised to make necessary arrangements to facilitate execution of the revised agreements by ensuring the availability of stamp papers, etc, a statement by RBI said.

"Further, in cases where operations in lockers have been frozen for non-execution of agreement by January 1, 2023, the same shall be unfrozen with immediate effect," the circular said.