Russia’s Finance Ministry has elaborated a bill on consumer credits that may create an alternative system of crediting individuals.
Photo: Ol
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Alternative Bank System to Emerge in Russia
Russia’s Finance Ministry has elaborated a bill on consumer credits that will be in force only for credit organizations, RBC-Daily reported.
Finance Ministry has rewritten the bill quite a few times over the recent year and a half. One of the previous flaws was its failure to solve problem of credit repayment. Having taken into account all critical remarks, Kudrin's subordinates elaborated a new bill in summer.
Amid other things, the masterminds suggested extending the bill only to the banks and deeming a consumer credit only the credit given as money. Regardless, the analysts say, once the bill becomes a law, it may create a system of crediting individuals that will be alternative to the bank system.
Limited liability companies, which have the bank members, may conclude loan agreements with individuals, said Olga Petrichenko from Chastnoe Pravo (Private Law). If the bill is passed, Petrichenko went on, it will probably trigger the surge in consumer credits raised bypassing the credit organizations.
With the bill approved, said CBR First Deputy Chairman Gennady Melikyan, some banks will start granting consumer credits via affiliated firms, getting out of control of the Central Bank of Russia. “But I don’t think it will be of large scale,” Melikyan forecasted.
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