<p>To enable non-banking finance companies (NBFCs) build a centralised know-your-customer (KYC) registry and thereby eliminate the scope for multiple identities, the Reserve Bank of India has proposed that such companies should allot unique identity code for each customer.<br /><br /></p>.<p>In a release issued on Friday, it said that the advice follows the proposal made by the Working Group constituted by the Central government. <br /><br />It advised non-banking finance companies to commence spade work to issue unique customer identification code (UCIC) to “identify customers, track the facilities availed, monitor financial transactions in a holistic manner” and enable non-banking finance companies to have a better approach to risk profiling of customers. <br /><br />It would also smoothen NBFC's operations for the customers.<br /><br />The exercise of issuing UCIC for existing customers should be done by end of June 2013, while all new customers will have to be issued UCICs while entering into a relationship, the Reserve Bank of India said.<br /></p>
<p>To enable non-banking finance companies (NBFCs) build a centralised know-your-customer (KYC) registry and thereby eliminate the scope for multiple identities, the Reserve Bank of India has proposed that such companies should allot unique identity code for each customer.<br /><br /></p>.<p>In a release issued on Friday, it said that the advice follows the proposal made by the Working Group constituted by the Central government. <br /><br />It advised non-banking finance companies to commence spade work to issue unique customer identification code (UCIC) to “identify customers, track the facilities availed, monitor financial transactions in a holistic manner” and enable non-banking finance companies to have a better approach to risk profiling of customers. <br /><br />It would also smoothen NBFC's operations for the customers.<br /><br />The exercise of issuing UCIC for existing customers should be done by end of June 2013, while all new customers will have to be issued UCICs while entering into a relationship, the Reserve Bank of India said.<br /></p>
