Legal Entity Identifier
The Legal Entity Identifier (LEI) system was introduced by the RBI for all financial transactions worth Rs.50 crore and more undertaken by entities using the RBI-run Centralised Payment System. It will take effect from April 1, 2021. It is a 20-digit number that uniquely identifies parties undertaking specific financial transactions worldwide. The objective is to improve the quality and accuracy of financial data systems for better risk management in the post-pandemic world.
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