UCIC HDFC Bank

Can you tell me about UCIC (Unique Customer Identification Code) facility offered Housing Development Finance Corporation (HDFC)?

[pawan]

RBI (Reserve Bank of India) vide its Circular DBOD.AML.BC.No. 109/14.01.001/ 2011-2012 dated June 8, 2012 has advised banks to initiate steps for allotting Unique Customer Identification Code (UCIC) to all its customers while entering into any new relationships.

UCIC helps the bank to identify customers, track the facilities availed, monitor financial transactions in a comprehensive and combined manner at a customer level and enable the bank to have a better approach to risk profiling of customers.

This will actually help banks in removing duplicate accounts and easy to track them. This system is like unique PAN number. This UCIC may be created by collecting address proof and identity proof from each customers like KYC (but not yet clear).

Combination of various parameters like Name, Pan Number, Date of birth, Mobile Number and Mothers maiden name are used to identify customers having multiple customer IDs.

NetBanking usage is considered as Primary parameter for deciding UCIC. In absence of NetBanking usage, account balances are considered for deciding UCIC.

Now, the accounts which were linked to other customer Ids have been linked to the UCIC and the products which were linked to the other customer Ids have been linked to the UCIC in such a manner that there is least impact to the customer.

Few Benefits

a) One can easily transfer account by mentioning UCIC code. Hence may feel service improvement
b) Banks may track 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 availed.


Contact Numbers:
Helpline Number:
1860 200 1916 (Within India)
(Local call charges applicable)
+91 044 - 30721916 (Outside India)