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FMS Proposes Ban on Banking Without CB Accreditation or License

28.11.2013 18:03 / gazeta.ru

The Bank of Russia Financial Markets Service (FMS) asks the Russian Government to limit regular financial resources redistribution activity, specifically loans and credits, without accreditation or licensing by the Central Bank, said FMS Head Sergey Shvetsov at an MIFC meeting hosted by Prime Minister Dmitry Medvedev.

“We would like to get government support for limiting financial resources redistribution business without accreditation or licensing by the Central Bank”, he said.

Shvetsov pointed out that the CB accredits microfinance and licenses banks, however, there are “enough intermediaries in the market who raise finance and loan money in some form or another”.

“We have almost no clout in microfinance business, because the worst we can do is revoke the license, ultimately banishing the company to continue work in the shadow sector”, he said.

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