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Banks to allot unique ID to customers till March 31, 2014: RBI

Some banks had expressed difficulties in implementing UCIC due to various reasons, and have sought more time to allot UCIC to their existing account holders

June 06, 2013 12:01 IST | India Infoline News Service
The Reserve Bank of India has extended the deadline for banks to complete the process of allotting a unique customer identification code (UCIC) to their customers to March 31, 2014.

“UCIC should be allotted to all customers while entering into new relationships,” the RBI said in a notification on Tuesday.

Some banks had expressed difficulties in implementing UCIC due to various reasons, and have sought more time to allot UCIC to their existing account holders, RBI further said.

"Keeping in view the constraints, the time for completing the process of allotting UCIC to existing customers is extended up to March 31, 2014. We, however, reiterate that UCIC should be allotted to all customers while entering into new relationships," RBI added.

RBI had last asked banks to allot UCIC to all their customers while entering into any new relationships for individual customers to begin with, and to existing individual customers by end-May 2013.

The increasing complexity and volume of financial transactions necessitate that customers do not have multiple identities within a bank, across the banking system and across the financial system, RBI had said.

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