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Legal Entity Identifier for NEFT, RTGS Transaction above Rs 50 crore

Published on January 07, 2021
Current Context: The Reserve Bank of India has introduced Legal Entity Identifier (LEI) for the payment transactions above the value of Rs 50 crore in Centralised Payment Systems like RTGS
Legal Entity Identifier for NEFT, RTGS Transaction above Rs 50 crore
and NEFT.
  • It will be effective from 1st April 2021.
  • The LEI is a 20 digit number which will be used to uniquely identify parties to financial transactions worldwide. 
  • This will lead to improving the quality and accuracy of financial data systems for better risk management post the global financial crisis.
  • The LEI can be obtained from Legal Entity Identifier India Ltd which is the wholly-owned subsidiary of Clearing Corporation of India Ltd (CCIL).
  • Static Part: 
    • HQ of RBI: Mumbai

Question: 

Q.1 The RBI has introduced Legal Entity Identifier (LEI) for the payment transactions above the value of Rs 50 crore in RTGS and NEFT. How long is the LEI digit number?
a. 15 digit
b. 11 digit
c. 20 digit
d. 9 digit
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