Fines for banks for defrauding customers will rise sharply in Russia

The Russian government has supported a bill on sharply increasing fines for banks for violations of the rights of depositors and borrowers. This was reported to Izvestia by a source in the Cabinet. The bill has already passed the first reading in the State Duma.

Cash will be cleared: new rules on cash withdrawal will reduce fraud by 10-30%

Will this limit citizens' access to funds amid problems with the Internet and the growing demand for paper money?

According to the initiative, for violations such as the imposition of additional services, manipulation in attracting deposits and errors in calculating the full cost of the loan, the bank can be fined up to 0.1% of its own capital, but not less than 100 thousand rubles. If the violation is not eliminated after the order of the Central Bank (CB), the fine will increase to 1% of the capital, at least 1 million rubles.

According to Alla Khrapunova, deputy head of the project of the People's Front for Borrowers' Rights, bona fide banks have nothing to fear. She stressed that the measure was dictated by numerous complaints from citizens and should be a response to the practice in which the interests of customers are often ignored in favor of profit.

Read more in the exclusive Izvestia article:

Credit of distrust: consumer deception will cost banks billions of rubles