Gurgaon, Mar 26 (KNN) The Reserve Bank of India (RBI) has directed banks to allot a Unique Customer Identification Code (UCIC) for every customer in a time bound manner.

The UCIC helps the banks to identify customers, track the facilities availed, monitor financial transactions in a holistic manner and enable banks to have a better approach to risk profile its customers.

“It is mandatory to unify the multiple customer IDs of the customer that exist in the bank,” Oriental Bank of Commerce said in a notification today.

The bank has asked “all customers having more than one account with different customer IDs…with our bank are requested to submit declaration form to concerned branch before March 29, 2014, choosing a customer ID to be linked to all accounts,” it said.

The customer ID is mentioned on pass book or FDR.

“In case, no mandate is received from the customers by March 29, 2014, the bank shall select a customer ID and link to all accounts at its discretion,” said Oriental Bank of Commerce. (KNN/SD)