RBI sets 3-year deadline for non-individual borrowers to get tracking code

The Reserve Bank of India set on Thursday a three-year timetable for non-individual borrowers with aggregate exposures of Rs 5 crore or more to obtain Legal Entity Identifier (LEI) codes.

The LEI is a 20-character alpha-numeric code used to uniquely identify parties to financial transactions worldwide. It is being implemented to improve the quality and accuracy of financial data reporting systems for better risk management.

It is used to create a global reference data system that uniquely identifies every legal entity in any jurisdiction that is party to a financial transaction.