The five PSU banks -- Central Bank of India, Vijaya Bank, United Commercial Bank, Punjab National Bank and Canara Bank -- were allegedly charging caution money for renting the lockers and showing preference in allotment of those, which went against the RBI guidelines for the scheduled banks.

Acting on complaints of such restrictive trade practices and the preliminary investigation report (PIR) by the director general of investigation and registration (DGIR), the commission discharged the five banks from the charges saying "the commission is precluded from exercising jurisdiction over a banking company" as also it did not find anything "substantive" in the charges.

The preliminary investigation report had said the commission that the five nationalised banks were demanding caution moneydeposits from applicants for safe deposit lockers in certain bank branches.

The PIR further alleged that the banks were not maintaining waiting list of the applicants and lockers were not being given on `first-come-first-serve basis'.

Also, the rentals for these safe deposit lockers were increased arbitrarily, it said, adding all these were flouting the directions and guidelines issued by the Reserve Bank of India (RBI) on renting out safe deposit lockers.

The PIR said the Canara Bank, Vijaya Bank and Central Bank had arbitrarily raised the rentals for safe deposit lockers from Rs 200 to Rs 300, Rs 200 to Rs 250 and Rs 150 to Rs 350 respectively.

Besides, the allegations against the Punjab National Bank was also that the bank had two different rentals for the safe deposit lockers, one for the general public, the other for the employees of the bank.

The five banks, in reply to the notice of enquiry (NOE), denied the allegations saying they were carrying on their business and banking activitiesstrictly in accordance with the directions and guidelines issued by the Reserve Bank of India from time to time.

According to a RBI circular (DBOD NO GC.BC.27 C.408C (L)-84) dated 27th March, 1984 issued to the chairman of all the public sector banks, these banks were required to maintain a waiting list amd allot lockers on `first-come-first-serve' basis.

However, the banks said that while according to the circular, 80 per cent of the lockers were to be allotted on `first-come-first-serve' basis, the rest 20 per cent could be given to valued customers on busines considerations at the discretion of the bank.

On the charges of demanding caution money for allotment of lockers, the banks said the RBI circular allowed the banks to seek a deposit from the applicant who has been allotted a locker, or to collect advance payment of lockers.