Mumbai, Jun 26 (KNN)  In view of requests received from banks to extend deadline for allotting unique customer identification code (UCIC) to existing customers, the Reserve Bank of India has decided to extend the time for completing the process up to December 31, 2014.

“It has come to the notice of Reserve Bank that some banks are yet to complete the allotment of UCIC and accordingly have sought some more time. In view the requests received, it has been decided to extend the time for completing the process of allotting UCIC to existing customers up to December 31, 2014,” the apex bank said in a notification today.

In a circular of June-8, 2012, the central bank had advised banks to initiate steps for allotting UCIC to all their customers while entering into any new relationships for individual customers to begin with, and to existing individual customers by end-May 2013.

Thereafter, the period for completion of allotment of UCIC was extended upto March 31, 2014.

Banks have been advised to expedite the procedure and complete the work of allotting UCIC to all the existing individual customers, within the stipulated timeframe. They may chalk out a plan for completing the work and furnish the monthly progress report to their Board. 

“Considering the fact that a period of two years has been allotted for completion of the task, no further extension in this regard would be considered,” it said.
It is mandatory for banks to comply with these instructions and non-compliance would invite penal consequences.  (KNN/ES)