Association of Banks of Russia
sent a letter to the head of the financial market committee, Anatoly Aksakov, in which she spoke out against amendments to the Banking Law.
The amendments talk about limiting the differentiation of interest rates depending on the category. Deputies do not like the fact that when making a deposit in a mobile bank, the rate is higher than when making a deposit in a branch. That’s why they want to level the bets.
To this, the Association responds that the differences in rates are legal, market and do not need to be artificially regulated in any way: “The regulation proposed by the bill in terms of limiting the differentiation of interest rates depending on the conclusion of additional agreements by the depositor is redundant.”
In addition, bank deposit agreements contain all the features of a public contract provided for by the Civil Code. Separately, there is a clause that states that banks have the opportunity to enter into an agreement with any person on terms and conditions in accordance with its category.
The position of the deputies in this case smacks of populism – they ask for rates to be “equalized for everyone,” regardless of the reasons why banks make different rates. This is due to additional costs (for example, when opening deposits in a branch), as well as for marketing reasons (to promote digital products). It is also worth considering that if the amendments are adopted, banks will decide to reduce deposit rates and increase the cost of other products for clients.
Banks negatively assessed the possibility of differentiating interest rates on deposits
Credit organizations are expressing concern about the State Duma’s consideration of draft amendments to the Banking Law, which, in their opinion, unreasonably restrict business activity. This is stated in the letter…
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