RBI asks NBFCs to give customers unique ID code
   
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RBI asks NBFCs to give customers unique ID code

Last Updated: Friday, May 3, 2013, 20:41
 
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RBI asks NBFCs to give customers unique ID code
Mumbai: The Reserve Bank today asked non- banking financial companies (NBFCs) to allot customers unique identification code to avoid multiple identities.

"The increasing complexity and volume of financial transactions necessitate that customers do not have multiple identities within a financial institution or across the financial system," RBI said in a notification.

It has asked NBFCs to initiate steps for allotting Unique Customer Identification Code (UCIC) to all their customers while entering into any new relationships.

Existing individual customers may also be allotted UCIC by end-June 2013, it added.

A Working Group by the government has proposed introduction of unique identifiers for customers across different financial institutions for setting up a centralised know your customer (KYC) registry, it said.

However, setting up such as system for the entire financial system is likely to take time, NBFCs can make an immediate beginning in this regard by putting in place such identification code for their own customers, it said.

"The UCIC will help NBFCs to identify customers, track the facilities availed, monitor financial transactions in a holistic manner and enable NBFCs to have a better approach to risk profiling of customers. It would also smoothen NBFC's operations for the customers," it added further.

PTI



First Published: Friday, May 3, 2013, 20:41


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