What changed
RBI has mandated that all Primary (Urban) Co-operative Banks must implement a Unique Customer Identification Code (UCIC) for every customer. While some UCBs already use UCIC or relationship numbers, others have not adopted it. The circular sets a deadline of end-May 2013 for existing individual customers to receive UCIC.
What it means for you
UCBs must now systematically assign a unique code to each customer to prevent multiple identities within the bank. This will enable holistic monitoring of customer transactions and facilities, leading to better risk profiling. It also aligns with the government's broader goal of a centralized KYC registry, though that is still in progress.
What you must do
- Assign UCIC to all new individual customers immediately upon onboarding.
- Allot UCIC to all existing individual customers by end-May 2013.
- Update internal systems to track and manage UCIC for each customer.
- Ensure UCIC is used to monitor all accounts and facilities availed by the customer.
Who it affects
Primary (Urban) Co-operative Banks, All individual customers of UCBs
What is the deadline for existing customers to get UCIC?
Existing individual customers must be allotted a Unique Customer Identification Code by end-May 2013.
Does this apply to non-individual customers like businesses?
The circular specifically advises starting with individual customers. It does not explicitly cover non-individual customers at this stage.