 "RBI starts LEI for large value transactions in centralised payment systems")
The Reserve Bank of India (RBI) on Tuesday introduced the legal entity identifier (LEI) in a phased manner in the over-the-counter derivative and non-derivative markets as well as for large corporate borrowers.
It will be introduced for all payment transactions of Rs 50 crore and above by entities using RBI’s Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).
LEI is a 20-digit number used to uniquely identify parties to financial transactions worldwide.
In order to prepare for the full scale introduction of LEI, banks have to advise entities who undertake large value transactions (Rs 50 crore and above) to obtain LEI in time, if they do not already have one. Also, they have to include remitter and beneficiary LEI information in RTGS and NEFT payment messages and maintain records of all transactions of ₹50 crore and above through RTGS and / or NEFT.
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