What changed
The earlier deadline of end-May 2013 for allotting Unique Customer Identification Code (UCIC) to existing individual customers has been extended to March 31, 2014. Banks had reported challenges in completing the process on time. The requirement to assign UCIC to all new customers at relationship inception remains unchanged.
What it means for you
Banks get additional time to complete UCIC assignment for existing individual customers, reducing immediate compliance pressure. However, the extension does not relax the mandate—banks must still achieve full coverage by the new deadline. Continued delays could invite supervisory scrutiny, so proactive planning is essential.
What you must do
- Ensure UCIC is assigned to all new individual customers at account opening without exception.
- Accelerate UCIC allotment for existing individual customers to meet the March 31, 2014 deadline.
- Document implementation challenges and corrective steps for internal review and potential RBI reporting.
- Communicate the revised timeline to all branches and relevant departments to align operations.
Who it affects
All Scheduled Commercial Banks (excluding RRBs), Local Area Banks, All India Financial Institutions
Does this extension apply to new customers as well?
No. The extension only applies to existing individual customers. New customers must still be assigned a UCIC at the time of entering into a relationship.
What if my bank cannot complete UCIC allotment by March 31, 2014?
RBI has not indicated any further extension. Banks should prioritize and expedite the process to avoid non-compliance. Maintaining records of efforts made may help in discussions with the regulator.