Reserve Bank of India, vide circular DNBS.(PD).CC.No.325/03.10.42/2012-13 dated May 3, 2013, had advised NBFCs to initiate steps for allotting UCIC to all their customers while entering into any new relationships for individual customers to begin with, and to existing individual customers by end-June 2013
However, with a fresh notification no.RBI/2013-14/122 DNBS(PD).CC.No.351/03.10.42/2013-14, dt.July 4, 2013, has extended the timelines up to March 31, 2014 for completing the process of allotting UCIC to existing customers.
RBI has further clarified that UCIC has to be allotted to all the customers in case of new relationships.
The notification is applicable to All NBFCs-Deposit taking Companies and NBFC-ND-SI with assets of Rs 25 cr and above.