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RBI enforces 20-digit LEI for cross-border deals

Posted bySumit Arora Last updated on December 13th, 2021 05:50 pm Leave a comment on RBI enforces 20-digit LEI for cross-border deals
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The Reserve Bank of India (RBI) made Legal Entity Identifier (LEI) mandatory for cross-border transactions for capital or current account transactions of Rs 50 crore and above, from October 1 next year. The LEI is a 20-digit number used to uniquely identify parties to financial transactions worldwide to improve the quality and accuracy of financial data systems.

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The identifier norm has been introduced in a phased manner for participants in the over the counter (OTC) derivative, non-derivative markets, large corporate borrowers, and large value transactions in centralised payment systems. Starting October 1, 2022, banks will have to obtain the `LEI` number from the resident entities (non-individuals) undertaking any capital or current account transactions. For LEI holders, it would be mandatory to furnish the number in all transactions irrespective of the transaction size.

Important takeaways for all competitive exams:

  • RBI 25th Governor: Shaktikanta Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

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Sumit Arora
Sumit Arora
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As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.

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