Unique Identification Code for Bank Customers

PORTABILITY OF BANK ACCOUNT NUMBER

Idea of Portability of  Bank account numbers has already been mooted by the RBI and Uniform.Customer Identification Code is a STEP towards that direction.

UNIQUE IDENTIFICATION CODE BANK CUSTOMERS(UCIC)

RBI has advised all the Banks to  introduce unique identifiers for customers across all banks and financial institutions for setting up a centralised Know Your Customer registry. This will help banks not only to identify a customer, but to track the facilities availed, monitor financial transactions in various accounts, improve risk profiling and take a holistic view of customer’s profile. RBI has asked all the banks to make an immediate beginning in this regard by having identification codes for all their customers and Banks have been asked to allot the UCIC number to all their customers while entering into any new relationship with all individual customers. The banks have also been directed to allot unique customer identification code to existing customers by the end of April 2013.

Due to lack of political will power the deadline of April 2013 has been extended many time and banks have not been penalized for not adhering to the RBI guidelines. This will expose not only the public but also the financial strength of Indian Banking System. Proper implementation will catch hold of owners of bing NPA accounts maintaining their deposits or assets elsewhere in the Indian Banking System.