Bank customers will now get a unique customer identification code (UCIC), eliminating the process of repeatedly filling out personal and other details with different banks. The unique number will also help in monitoring the customer’s behavior financial transactions.
“Availability of UCIC will help banks to identify a customer, track the facilities availed, monitor financial transactions in various accounts, improve risk profiling, take a holistic view of customer profile and smoothen banking operations for the customer,” said Duvvuri Subbarao. “While some of the Indian banks have already developed UCIC, there is no unique number to identify a single customer across the organisation in many banks.”
The central bank has advised banks to initiate steps to allot UCIC number to all customers while entering into any new relationships. For existing customers, the RBI wants the code to be allotted by April 2013.
Private sector lender Kotak Mahindra Bank already has a customer relationship number (CRN) to track its customers. “The CRN helps us to track every activity of our customer,” said KVS Manian, president, consumer banking, Kotak Mahindra Bank.