Q. What is the primary significance of the Unique Customer Identification Code (UCIC) in the Indian banking sector?
Answer: It allows KYC-compliant customers to access services without repeated Customer Due Diligence.
Notes: The UCIC simplifies the banking process by enabling KYC-compliant customers to open new accounts or access additional services without undergoing the Customer Due Diligence (CDD) process again, thus enhancing transaction efficiency and reducing documentation redundancy.