Which of the following statements is/are correct with reference to the Legal Entity Identifier (LEI)?

Answer & Explanation

Option: Both A & B

Explanation:

The Reserve Bank of India (RBI) has decided to introduce the Legal Entity Identifier (LEI) system for all payment transactions of value ₹50 crore and above undertaken by entities (non-individuals) using the Reserve Bank-run Centralised Payment Systems with effect from April 1. The LEI is a 20-digit number used to uniquely identify parties to financial transactions worldwide.