LEGAL ENTITY IDENTIFIER (LEI) #upsc #prelims #RBI #banking #financial #security #economy

The Reserve Bank of India introduced the Legal Entity Identifier system for all payment transactions of fifty crores and above through NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement). The system is being introduced to identify the legal entities involved in financial transaction. The central bank has adopted the system to improve the quality and accuracy of the financial data systems. Under the system, the banks have to include information of the remitter and beneficiary. It is introduced under Payment and Settlement Systems Act, 2007. Follow my telegram channel - https://t.me/aspirantvoice. Speak to me here - https://anchor.fm/aspirant-voice/message. Do follow me on Twitter- https://twitter.com/smurali236?s=09 , Facebook - https://www.facebook.com/Aspirantvoiceupsc/ , Instagram- https://instagram.com/aspirant_voice_upsc?utm_medium=copy_link