Question
Which of the following is a unique code, consisting of
20 symbols, that allows for identification within the global financial system?Solution
- The Reserve Bank of India (RBI) has extended the guidelines on Legal Entity Identifier (LEI) to large borrowers of NBFCs and Urban Co-operative Banks (UCBs).
- RBI said that on a review, it has been decided that the guidelines on LEI stand extended to Urban Co-operative Banks (UCBs) and Non-Banking Financial Companies (NBFCs).
- RBI further advised that non-individual borrowers enjoying aggregate exposure of ₹5 crore and above from banks and financial institutions (FIs) shall be required to obtain LEI codes as per the given timeline.
- As per the timeline, the borrowers having exposure of ₹25 crore are required to obtain LEI by April 30, 2023.
- The Legal Entity Identifier (LEI) is a 20-digit number used to uniquely identify parties to financial transactions globally. It was conceived as a key measure to improve the quality and accuracy of financial data systems for better risk management post the global financial crisis.
- Legal Entity Identifier (LEI) An LEI or Legal Entity Identifier is a unique code, consisting of 20 symbols, that allows for identification within the global financial system. An LEI code is issued to a company just once and is unique.
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