Introduction of Legal Entity Identifier for Cross-border Transactions

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....I) is a 20-digit number used to uniquely identify parties to financial transactions worldwide to improve the quality and accuracy of financial data systems. LEI has been introduced by the Reserve Bank in a phased manner for participants in the over the counter (OTC) derivative, non-derivative markets, large corporate borrowers and large value transactions in centralised payment systems. 2. In o....

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.... have the required systems in place to capture the LEI information and ensure that any LEI captured is validated against the global LEI database available on the website of the Global Legal Entity Identifier Foundation (GLEIF). 4. AD banks may bring the contents of this circular to the notice of their constituents concerned and advise entities who undertake large value transactions (Rs.50 crore....