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With reference to the Legal Entity Identifier (LEI) related to the economy, consider the following statements:
1. It is a 20-digit number used to uniquely identify parties to financial transactions across the nation.
2. In India, LEI can be obtained from Legal Entity Identifier India Ltd. (LEIL), which is also recognised as an issuer of LEI by the Reserve Bank of India.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
With reference to the Legal Entity Identifier (LEI) related to the eco...
In News: The RBI has introduced the Legal Entity Identifier (LEI) for Large Value Transactions in Centralised Payment Systems.
Option B is correct: The LEI is a 20-digit number used to uniquely identify parties to financial transactions worldwide. The objective is to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis. The RBI has now decided to introduce the LEI system for all payment transactions of value Rs.50 crore and above undertaken by entities (non-individuals) using RBIrun Centralised Payment Systems viz. Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT). In India, LEI can be obtained from Legal Entity Identifier India Ltd. (LEIL), which is also recognised as an issuer of LEI by the Reserve Bank under the Payment and Settlement Systems Act, 2007.
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With reference to the Legal Entity Identifier (LEI) related to the economy, consider the following statements:1. It is a 20-digit number used to uniquely identify parties to financial transactions across the nation.2. In India, LEI can be obtained from Legal Entity Identifier India Ltd. (LEIL), which is also recognised as an issuer of LEI by the Reserve Bank of India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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With reference to the Legal Entity Identifier (LEI) related to the economy, consider the following statements:1. It is a 20-digit number used to uniquely identify parties to financial transactions across the nation.2. In India, LEI can be obtained from Legal Entity Identifier India Ltd. (LEIL), which is also recognised as an issuer of LEI by the Reserve Bank of India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the Legal Entity Identifier (LEI) related to the economy, consider the following statements:1. It is a 20-digit number used to uniquely identify parties to financial transactions across the nation.2. In India, LEI can be obtained from Legal Entity Identifier India Ltd. (LEIL), which is also recognised as an issuer of LEI by the Reserve Bank of India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Legal Entity Identifier (LEI) related to the economy, consider the following statements:1. It is a 20-digit number used to uniquely identify parties to financial transactions across the nation.2. In India, LEI can be obtained from Legal Entity Identifier India Ltd. (LEIL), which is also recognised as an issuer of LEI by the Reserve Bank of India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
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