2. In this regard, it has come to the notice of Reserve Bank that some banks are yet to complete the allotment of UCIC and accordingly have sought some more time. In view of the requests received, it has been decided to extend the time for completing the process of allotting UCIC to existing customers up to December 31, 2014.
3. UCBs are, therefore, advised to expedite the procedure and complete the work of allotting UCIC to all the existing individual customers, within the stipulated timeframe. They may chalk out a plan for completing the work and furnish the monthly progress report to their Board. Considering the fact that a period of two years has been allotted for completion of the task, no further extension in this regard would be considered.
4. It is mandatory for banks to comply with these instructions and non-compliance would invite penal consequences.