20-digit LEI must for cross-border transactions soon: RBI.

Starting October next year, companies will have to quote the legal entity identifier (LEI) number so as to undertaking cross-border transactions of Rs 50 crore or more, the Reserve Bank of India (RBI) said on Friday.

The LEI is a 20-digit number used to uniquely identify parties to financial transactions globally to improve the quality and accuracy of financial data systems.