What changed
The earlier deadline of end-June 2013 for allotting UCIC to existing individual customers has been extended to March 31, 2014. The requirement to assign UCIC to all new customers at the time of onboarding remains unchanged.
What it means for you
NBFCs get additional time to complete UCIC assignment for their existing individual customer base, reducing immediate compliance pressure. However, the extension does not relax the KYC/AML/CFT framework; NBFCs must still ensure UCIC is issued for all new relationships without delay. Lenders should use this window to systematically update their systems and customer records.
What you must do
- Ensure UCIC is allotted to all new individual customers at the time of onboarding, as per earlier instructions.
- Complete UCIC assignment for all existing individual customers by March 31, 2014.
- Review and update internal KYC/AML processes to align with UCIC requirements.
- Maintain proper records of UCIC allotment for audit and regulatory reporting.
Who it affects
All deposit-taking NBFCs, All systemically important non-deposit taking NBFCs (NBFC-ND-SI) with assets of Rs 25 crore and above
What is the new deadline for assigning UCIC to existing customers?
The deadline has been extended from end-June 2013 to March 31, 2014.
Does this extension apply to new customers as well?
No. UCIC must still be allotted to all new customers at the time of entering into a new relationship.
Which NBFCs are covered by this circular?
All deposit-taking NBFCs and systemically important non-deposit taking NBFCs with assets of Rs 25 crore and above.