On February 6th, 2023, India’s Minister of Finance, Dr. Bhagwat Karad, responded to an unstarred question (PDF) from the Parliament regarding “Corporate Borrowers,” which mentioned the Legal Entity Identifier (LEI).

In his answer, Dr. Bhagwat Karad stated that Public Sector Banks (PSBs) have informed that “17,234 non-individual / group borrowers have furnished their Legal Entity Identifier (LEI) code.” He also highlighted that “Market based mechanisms have been strengthened to enable the financial institutions to better manage the credit risk on their balance sheets through a comprehensive framework for transfer of stressed assets to eligible transferees.”