What is LEI (Legal Entity Identifier) and when is it required for NEFT/RTGS?
Adapted from RBI's LEI FAQ
A Legal Entity Identifier (LEI) is a unique 20-character alphanumeric code that identifies a legal entity involved in a financial transaction, issued by an accredited Local Operating Unit such as Legal Entity Identifier India Ltd. (LEIL).
LEI details are required for single NEFT or RTGS payments of ₹50 crore or more made by non-individual entities (businesses, corporations, etc.).
No. LEI is not required when both the remitter and the beneficiary are individuals.
Central and state government departments/ministries are exempt, but government-owned corporations and undertakings still need an LEI for qualifying transactions.