Vladislav Reznik, head of the State Duma’s banking committee, and his deputy Pavel Medvedev, have submitted amendments to the law on banks and banking activity to the State Duma. The bill amends a procedure for major banks’ operations involving personal funds. Under current legislation, a bank may be issued a licence to draw and run personal deposits after operating for more than two years on the market. If amendments are approved, newly-established banks, whose charter capital will exceed the rouble equivalent of E100 million, will be allowed to draw personal deposits from their state registration date. If a bank already exists, it will be allowed to place personal funds within two years from its state registration date. The bill also says that a two-year term is not necessary for banks, whose charter capital is well above the rouble equivalent of E5.0m (the minimum charter capital set for a bank), because it restricts the development of banking activities.
Source: GZT.RU, March 13, 2007
