MILES AXLE Translation. Region: Russian Federation –
Source: Central Bank of Russia –
Most of the participants in the discussion conceptually supported the need to stimulate the market of affordable loans for citizens and businesses. They also believe that microfinance organizations (MFOs) should exclude negative practices that lead to indebtedness of citizens.
Public discussions Bank of Russia reporton promising areas of development of the MFI market for 2025–2027 were discussed with representatives of MFIs, self-regulatory organizations, the scientific and expert community, as well as State Duma deputies. The regulator processed more than 100 proposals and questions from market participants.
Following the consultations, the Bank of Russia plans to implement the measures proposed in the report to protect citizens as a matter of priority. This includes the introduction of the “one loan per hand until repayment” rule and the establishment of a cooling-off period, when a new loan can be obtained no earlier than three days after a person has repaid the previous debt to the MFI. In addition, the regulator intends to reduce the maximum overpayment on consumer loans from 130 to 100% of the debt amount.
A comprehensive review of legislation and regulations will take place over three years. The Bank of Russia will take into account the proposals and comments received during public consultations when developing the regulation.
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Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.