RBI recently came up with idea of allotting unique code for each bank account holder. This facility was mooted to avoid multiple identity 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 name suggest, is unique for each customer. But setting up of 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 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 customers like KYC (but not yet clear).
Few of the benefits that currently visible are-
a) You can easily transfer your account by mentioning UCIC code. Hence may feel service improvement 🙂
b) Banks may track your transactions smoothly.
c) If UCIC initiated to financial systems too then regulation and monitoring will be easy like current monitoring through PAN.
d) It may reduce the leakages in Government payouts.
e) Better approach to risk profiling of customers.
f) Banks may easily track the facilities you availed.
These are the main features which currently understandable with this UCIC initiative. But clear picture will emerge when we get more guidelines about this. Hope to get soon as the deadline set by RBI is May 2013, which is 7 months away from now.