Deadline for UCIC extended



Reserve Bank of India, vide notification number RBI/2012-13/515 DBOD. AML.BC. No. 101/14.01.001/2012-13 dt.May 31, 2013, has advised Banks that the new deadline for issuance of UCIC for existing customers in 31/03/2014.

The extension was agreed as many Banks have expressed practical difficulties in issuance of UCIC to their existing customers.

However, RBI has made it clear that UCIC has to be allotted to all customers while entering into new relationships.

Issuance of UCIC for existing customers is a tricky task, and only technological tools will not help in avoiding customer’s complaints.

Unique identifiers like PAN Card are a great asset while merger of customers data. Otherwise, other identifiers like address, date of birth can be utilized, but they are not 100% reliable. In such cases, Bank Staff have to decide on merging of customer data, based on their experience.

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