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NBFCs to allot customers unique ID till March 2014

In May, the RBI said that existing individual customers may also be allotted UCIC by end-June 2013

July 05, 2013 10:13 IST | India Infoline News Service
The Reserve Bank of India (RBI) extended the time for non-banking financial companies (NBFCs) to allot customers unique identification code to March 31, 2014.

"The time for completing the process of allotting UCIC (Unique Customer Identification Code) 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," the RBI said in a notification on Thursday.

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

It has asked NBFCs to initiate steps for allotting UCIC to all their customers while entering into any new relationships.

"The UCIC will help NBFCs to identify customers, track the facilities availed, monitor financial transactions in a holistic manner and enable NBFCs to have a better approach to risk profiling of customers. It would also smoothen NBFC's operations for the customers," the RBI had said.

In May, the RBI said that existing individual customers may also be allotted UCIC by end-June 2013.

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