Reserve Bank of India to banks on unique ID codes for Customer

Reserve Bank of India (RBI), the apex bank in India, in it’s latest notifications issued on Friday (June 8, 2012) said that all Banks must assign unique customer identification codes to their new as well as existing clients by May 31, 2013.

The unique identification code will help in stronger enforcement of  Know-Your-Customer (KYC) norms, and aid banks in identifying customers, tracking the facilities availed, etc.

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