Current Affairs - Business - Discussion

Reserve Bank of India (RBI) is set to make Legal Entity Identifier (LEI) compulsory for companies having aggregate fund-based and non-fund based exposure over Rs 5 crore. LEI is a unique 20 digit alphanumeric code that will be assigned to corporate borrowers. Banks will be required to acquire this number from the borrower and report it to the Central Repository of Information on Large Credits (CRILC) database. CRILC is a database in which details of loan above Rs 5 crore are maintained.