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The Password Bank serves a crucial function in Relativity by specifically storing passwords that are used for decrypting protected files. In environments where sensitive information is handled, such as legal and compliance scenarios, documents may be encrypted to safeguard their content. The Password Bank allows users to manage these decryption keys securely and conveniently, ensuring that individuals who need access to protected files can retrieve the necessary passwords without compromising security.

Maintaining a centralized repository for these passwords minimizes the risk of misplacing or improperly sharing them. This is vital in a collaborative platform like Relativity, where multiple users might need access to the same files at different times. The Password Bank thus facilitates efficient and secure access to encrypted documents while adhering to best practices in data protection.