In lines with RBI direction, Our Bank has decided to make LEI mandatory with effect from 01.07.2022 for all payment transactions of Rs.50 Cr & above through Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT). For all transactions above Rs. 50 crores and above by non-individual following is to be noted
ØAll outward transactions will not be permitted without Sender and Beneficiary LEI.
ØThe Remitter (Sender) has to mention the Beneficiary LEI code & LEI Expiry date while requesting the Branch for remittance & the correctness of LEI would be sole responsibility of Remitter.
ØAll Inward transactions without Beneficiary(Our Customers) LEI will be auto returned.
Frequently Asked Questions (FAQ) for Customer reference:
What is Legal Entity Identifier (LEI) Code?
The Legal Entity Identifier (LEI) is a 20-digit alphanumeric code used to identify parties to financial transactions worldwide.Know more >> https://www.ccilindia-lei.co.in/
Why should Legal Entity Identifier (LEI) be provided?
As directed by RBI it is mandatory to mention valid Legal Entity Identifier (LEI) number for all initiating or receiving transactions of value INR 50 crore & above for entities (non-individuals) using Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) services.
To whom is Legal Entity Identifier (LEI) Code applicable?
LEI Code is applicable for all non-individual customers initiating or receiving transactions of INR 50 crore and above through RTGS and / or NEFT.
When will Legal Entity Identifier (LEI) Code be effective from?
It is already effective from April 1, 2021, RBI has mandated to mention Legal Entity Identifier (LEI) number & expiry for all initiating or receiving transactions of value INR 50 crore & above for entities (non-individuals) using Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) services.
How to submit Legal Entity Identifier (LEI) Code along with expiry date to Bank?
LEI Code &LEI expiry date need to be submitted with Canara Bank Branch on company's letter-head along with copy of CCIL LEI activation (https://www.ccilindia-lei.co.in/). For any queries or details, please feel free to contact your Canara Bank Branch.
How can entities obtain Legal Entity Identifier (LEI) number?
Entities can obtain LEI from any of the Local Operating Units (LOUs) accredited by the Global Legal Entity Identifier Foundation (GLEIF), the body tasked to support the implementation and use of LEI. So in India, LEI can be obtained from Legal Entity Identifier India Ltd. (LEIL) (https://www.ccilindia-lei.co.in), which is also recognized as an issuer of LEI by the Reserve Bank under the 'Payment and Settlement Systems Act, 2007'.
What should an entity to do in case of LEI expiry?
The LEI is valid for a period of one year, post which the Registration Status is changed to “LAPSED”.The Entity shall apply for renewal of LEI through the web portal with the applicable fees to LEIL.
Customers are requested to call on our mentioned Toll Free Numbers only for any complaints/issues. Bank shall not be responsible for any consequences arising out of customers calling any other unverified numbers.
