New Types of Banking Licenses in Russia
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- The new multitiered banking system has been introduced in Russia by dividing banks into banks with universal licences and banks with basic licenses in view of the list of permitted operations and restrictions for carrying on a business (with a possibility for a bank to change its status).
- Minimum charter capital and minimum capital base requirements are increased.
- The federal law introducing the above mentioned and other amendments came into effect on 1 June 2017.