1

The Reserve Bank of India (RBI) LEI Deadline Arrives: April 30th 2024

Published on 30 April, 2024
By LEI Worldwide

The Reserve Bank of India (RBI) has mandated that all corporate borrowers with credit exposures of Rs. 10 Crore upwards ($1,197,815) must obtain a Legal Entity Identifier for the legal entity with the exposure. 

Corporate borrowers failing to obtain an LEI shall no longer be eligible for further loans or exposures, no shall they be granted any renewal or enhancement to their current exposure. 

The deadline for obtaining an LEI is April 30, 2024.

These directions are issued under sections 21, 35A and 56 of the Banking Regulation Act, 1949, sections 45JA and 45L of the Reserve Bank of India Act, 1934, section 30A of the National Housing Bank Act, 1987 and section 6 of the Factoring Regulation Act, 2011.

To apply for an LEI in India or for an Indian Company please select the button below for LEI Registration in India

Also, in India the LEI is mandated for use in transactions involving 50 Crore or more (Rupees). This was issued in an RBI LEI Circular recently. 

"All single payment transactions of ₹50 crore and above undertaken by entities (non-individuals) should include remitter and beneficiary LEI information. This is applicable to transactions undertaken through the NEFT and RTGS payment systems.

In case of RTGS, both customer payment and inter-bank transactions, meeting the above criterion, should include LEI information."

- The Reserve Bank of India (RBI) Circular on the LEI


The LEI is a 20 digit identifier code that helps bring more transparency and trust to transaction, clearly identifying who is whom in any given financial transaction. It is currently mandated by over 116+ laws globally and this is set to expand with India leading the way. 

In order to comply with RBI regulations and obtain an LEI code for the beneficiary, or your own LEI code please click register LEI and begin your application for all Indian corporates.

NEXT ARTICLE
10 July, 2024
By LEI Worldwide

Bank of England mandates LEI: CHAPS RTGS Payment Messages ISO 20022

23 May, 2024
By LEI Worldwide

LEI Worldwide attend Global Funds Conference 2024

25 March, 2024
By LEI Worldwide

Navigating EMIR Refit go-live & mandatory LEI reporting obligation updates

26 February, 2024
By LEI Worldwide

Commonwealth Bank of Australia becomes LEI Validation Agent

1 February, 2024
By LEI Worldwide

'LEI Worldwide' leading Irish LEI provider for January 2024

7 December, 2023
By LEI Worldwide

LEI Worldwide join the RegTech100 by FinTech.Global for 2024

We Use Cookies. This website uses cookies to ensure you get the best experience on our website. By continuing to browse this site, you agree to our use of cookies as described in our Cookie Policy