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Its been 88 years since India's central bank, the Reserve Bank of India (RBI) was set up. On April 1, 1935, RBI was founded on the basis of the recommendations of the 1926 Royal Commission on Indian Currency and Finance, also known as the Hilton Young Commission.

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RBI and its team is also coordinating and collaborating with various investigating agencies.

Coming out with timeline for implementing the LEI, the RBI said borrowers with fund and non-fund exposure of Rs 1,000 crore and above will have to get the unique code by March 31, 2018.

RBI said the decision was taken after considering the wider and equal opportunities available to all citizens to access banking and financial services.

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The Reserve Bank of India (RBI) had imposed several restrictions, including on withdrawals, by depositors of 17 cooperative banks in July in view of their deteriorating financial positions. Of the 17 cooperative banks, eight are in Maharashtra, four in Uttar Pradesh, two in Karnataka, and one each in New Delhi, Andhra Pradesh and West Bengal.