Concept:The RBI’s revised locker rules, effective from January 1, 2023, introduce new safeguards for locker customers.
Explanation:The amended rules require banks to avoid including any unfair terms or conditions in locker agreements.
This ensures that customers are not bound by one-sided clauses.
The rules also make it compulsory for all existing locker depositors to sign a renewal agreement before the specified date.
This is done to update customer details and ensure compliance with the new regulatory framework.
Therefore, Statement I is correct because it reflects the ban on unfair contract terms.
Statement II is also correct because renewal agreements are mandatory for existing locker holders.
Hence, both statements given in the question are correct.
Answer:C. Both I and II