Chennai, June 6 (SocialNews.XYZ) The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers not to grant loan renewals or enhancements if the borrowers do not get the LEI code from the Legal Entity Identifier India Ltd.
In a circular, IRDAI has asked insurers and others regulated by it to get the Legal Entity Identifier (LEI) code on or before July 31, 2020.
The IRDAI also asked the insurers to advice their corporate borrowers having total exposure of Rs 50 crore and above to obtain LEI code on or before June 30, 2020 and provide the same.
The Indian insurance regulator further said borrowers who do not obtain LEI code should not be granted loan renewals or enhancements and no new loans be sanctioned without the LEI code.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz