LEI Full Form: Legal Entity Identifier, Who Needs It in India
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LEI stands for Legal Entity Identifier. It is a 20-character code that identifies a company, trust or other organisation in financial transactions anywhere in the world. In India, RBI requires it for RTGS and NEFT payments of ₹50 crore and above by organisations, for bigger borrowers and for large cross-border deals. Individuals don't need one.
- Full form
- Legal Entity Identifier
- Length
- 20 characters, letters A–Z and digits
- Standard
- ISO 17442
- Issued in India by
- Legal Entity Identifier India Ltd (LEIL)
- Validity
- Renewed every year
- Individuals?
- Not needed
What is an LEI?
An LEI works like a global identity card for an organisation. Each code belongs to only one legal entity, and it links to public data about that entity: its official name, registered address and country of formation. Anyone can look up this data free of charge on the website of GLEIF, the Global Legal Entity Identifier Foundation.
- Who issues it: organisations accredited by GLEIF, called Local Operating Units (LOUs).
- In India: Legal Entity Identifier India Ltd (LEIL), a wholly owned subsidiary of the Clearing Corporation of India (CCIL). RBI recognises it as an LEI issuer under the Payment and Settlement Systems Act, 2007.
- Why it exists: RBI says it was conceived after the global financial crisis to make financial data more accurate and help manage risk.
How to read an LEI
Every LEI has three parts. Here is the real, public LEI of GLEIF itself:
5067 00GE1G29325QX3 63
| Characters | Example | Meaning |
|---|---|---|
| 1–4 | 5067 | Prefix that keeps codes from different issuers (LOUs) unique |
| 5–18 | 00GE1G29325QX3 | Entity part, set by the issuer. It has no hidden meaning: no country code, no name. |
| 19–20 | 63 | Two check digits that catch typing mistakes |
Because the code carries no meaning, you can't tell a company's name or country from the LEI. Look it up instead (see below).
Who needs an LEI in India?
You never need an LEI as an individual. RBI asks organisations for one in these cases:
- From 1 April 2021, every single RTGS or NEFT payment of ₹50 crore and above by an entity (non-individual) must carry the sender's and receiver's LEI.
- Not needed when both sender and receiver are individuals. If either is an organisation, it is needed.
- Central and State Government departments and ministries don't need one. Government-owned corporations and undertakings do.
- The receiving bank should not reject an incoming payment just because the LEI is missing or wrong, but both banks must hold valid LEI details afterwards.
Non-individual borrowers with total exposure of ₹5 crore and above from banks and financial institutions (including NBFCs) must have an LEI. Exposure means all fund-based and non-fund-based credit and investment, taking the higher of the sanctioned limit or the outstanding balance.
| Total exposure | LEI needed by |
|---|---|
| Above ₹25 crore | 30 Apr 2023 |
| Above ₹10 crore, up to ₹25 crore | 30 Apr 2024 |
| ₹5 crore to ₹10 crore | 30 Apr 2025 |
All these deadlines have passed. A borrower without an LEI gets no new loan and no renewal or increase of an existing limit. Government departments and agencies are exempt; public sector companies are not.
- From 1 October 2022, resident entities doing a capital or current account transaction of ₹50 crore and above (per transaction) under FEMA must give their bank an LEI.
- Once an entity has an LEI, the bank reports it on all its cross-border transactions, whatever the size.
- If an overseas counterparty has no LEI, the bank may still process the payment.
- Banks must check every LEI against GLEIF's global database.
Companies dealing in over-the-counter (OTC) interest-rate, currency and credit derivatives also need one; RBI phased this in from 2017.
How to get an LEI
Apply to an accredited LOU. In India that is LEIL, online at ccilindia-lei.co.in. RBI says the rules, procedure and documents needed are as set by LEIL, so check its site for the current list and fee.
- Register on LEIL's site (or with another GLEIF-accredited issuer).
- Enter the entity's legal name, legal form and registered address.
- Upload the documents asked for.
- Pay the fee.
- Once issued, give the LEI to your bank and lenders.
GLEIF says fees are set by each issuer on a cost-recovery basis, and that a company registering itself and its subsidiaries pays for each registration.
Renewal and lapsed LEIs
- Every year: GLEIF says LEIs are renewed annually. The issuer must remind you at least six weeks before the renewal date.
- Lapsed: if you miss the renewal date, the status becomes LAPSED. The code stays the same and the company is not treated as closed; it only means the data hasn't been re-checked on time.
- Fix: renew with your issuer. A lapsed LEI can be renewed at any time and goes back to ISSUED.
- Why it matters: RBI asks banks for a valid LEI, and says lapsed LEIs are not valid for derivatives trade reporting. Renew on time so large payments and loan renewals aren't held up.
How to look up an LEI
- Open GLEIF's free LEI Search.
- Type the 20-character code or the company name.
- Check the legal name, address, registration status (ISSUED or LAPSED) and next renewal date.
Use this to check a counterparty's LEI before a large payment, or to confirm your own renewal date.
LEI in your payment
In a large RTGS or NEFT payment, the bank adds both codes to the payment message as SL/<sender LEI>/ and BL/<beneficiary LEI>/, before any remarks. The payment still has its own UTR number. The LEI identifies the parties; the UTR identifies the payment.
History
ISO 17442, the LEI standard, is published.
RBI introduces LEI for OTC derivatives markets in phases.
Large corporate borrowers with exposure of ₹50 crore and above are told to get an LEI.
LEI required for RTGS and NEFT payments of ₹50 crore and above by entities (circular of 5 Jan 2021).
Borrower rule extended to NBFCs and urban co-operative banks; threshold set at ₹5 crore exposure.
LEI required for cross-border transactions of ₹50 crore and above (circular of 10 Dec 2021).
Last deadline: borrowers with ₹5–10 crore exposure.
FAQs
What is the full form of LEI?
Legal Entity Identifier. It is a 20-character code that identifies an organisation in financial transactions worldwide.
Do individuals need an LEI?
No. RBI does not require an LEI when both sender and receiver are individuals, and GLEIF says individuals in principle can't get one.
Is LEI needed for every RTGS or NEFT payment?
No. Only for single payments of ₹50 crore and above where the sender or receiver is an organisation.
Where do I get an LEI in India?
From Legal Entity Identifier India Ltd (LEIL) at ccilindia-lei.co.in, or any other issuer accredited by GLEIF.
How long is an LEI valid?
The code is permanent, but you must renew its registration every year. If you don't, its status becomes LAPSED until you renew.
How much does an LEI cost?
Each issuer sets its own fee. Check LEIL's official site for the current fee.
Does a government department need an LEI?
No. Central and State Government departments and ministries are exempt, but government-owned companies and corporations need one.
How can I check if an LEI is genuine?
Search it on GLEIF's free LEI Search and check the name, address and status.
Official sources
- RBI – FAQs: LEI for large value transactions in centralised payment systems (accessed 31 Oct 2026)
- RBI – Introduction of LEI for large value transactions in centralised payment systems (5 Jan 2021) (accessed 31 Oct 2026)
- RBI – LEI for borrowers (21 Apr 2022) (accessed 31 Oct 2026)
- RBI – Introduction of LEI for large corporate borrowers (2 Nov 2017) (accessed 31 Oct 2026)
- RBI – Introduction of LEI for cross-border transactions (10 Dec 2021) (accessed 31 Oct 2026)
- RBI – FAQs: LEI for cross-border transactions (accessed 31 Oct 2026)
- RBI – Introduction of LEI for OTC derivatives markets (1 Jun 2017) (accessed 31 Oct 2026)
- CCIL – Legal Entity Identifier India Ltd (accessed 31 Oct 2026)
- LEIL – official LEI portal (accessed 31 Oct 2026)
- GLEIF – ISO 17442: the LEI code structure (archived copy) (accessed 31 Oct 2026)
- GLEIF – The LEI: Questions and Answers (annual renewal, fees, individuals) (accessed 31 Oct 2026)
- GLEIF – How to use LEI Search (LAPSED does not mean inactive) (accessed 31 Oct 2026)
- GLEIF – State transition and validation rules v2.8.6 (renewal reminder, LAPSED to ISSUED) (accessed 31 Oct 2026)
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