If you are looking for UCIC (Unique Customer Identification Code) for Bank account then, you are in the right place. Here we are also providing all detail of UCIC.
UCIC (Unique Customer Identification Code) for Bank Account
RBI recently came up with the idea of allotting unique code for each bank account holder. This facility was mooted to avoid multiple identities of customers. Let us see it’s features
Unique Customer Identification Code (UCIC) is the code you will get to transact across all banks and financial system. This code as the name suggests is unique for each customer. But setting up this unique code for financial system may take some more time, hence RBI mooted and kept deadlines for banks to allot UCIC for all customers within the end of May 2013.
This will actually help banks in removing duplicate accounts and easy to track them. This system is like your unique PAN number. This UCIC may be created by collecting address proof and identity proof from each customer like KYC (but not yet clear).
Few of the benefits that currently visible are-
- You can easily transfer your account by mentioning UCIC code.
- Hence may feel service improvement.
- Banks may track your transactions smoothly.
- If UCIC initiated to financial systems too then regulation and monitoring will be easy like current monitoring through PAN.
- It may reduce the leakages in Government payouts.
- The better approach to risk profiling of customers.
- Banks may easily track the facilities you availed.
UCIC is Unique Customer Identification Code.
- RBI vide its Circular DBOD.AML.BC.No. 109/14.01.001/2011-2012 dated June 8, 2012, has advised banks to initiate steps for allotting Unique Customer Identification Code (UCIC) to all its customers while entering into any new relationships.
- Unique Cust ID helps the bank to identify customers, track the facilities availed, monitor financial transactions in a comprehensive and combined manner at a customer level and enable the bank to have a better approach to risk profiling of customers.
Stap By Step Interaction Of UCIC To Bank New Customer
- In the Core Banking System, we already have a unique Customer ID.
- This is allotted to every customer while entering into any new relationship, which will serve as the Unique Customer Identification Code.
- However, there can be cases where the customer has been allotted multiple customer ids since the bank was not informed about his existing customer ID.
- For such customers, the Multiple customer IDs has been consolidated and one of the customer Id has been maintained as the UCIC.
Identified Whose Customers Having Multiple Ids
used to identify customers having multiple customer IDs Combination of various parameters like,
- Pan Number
- Date of birth
- Mobile Number
- Mother’s maiden name
The Different Accounts And Products Which Were Linked To The Other Customer Ids
- The accounts which were linked to other customer Ids have been linked to the UCIC.
- The products which were linked to the other customer Ids have been linked to the UCIC in such a manner that there is the least impact to the customer.
The benefits of a UCIC?
- Enabling tracking of the facilities availed
- To monitor financial transactions in various accounts
- To improve risk profiling
- A holistic view of customer profile
- To smoothen banking operations for the customer
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