×
Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Three More Banks Lose Licenses

The Central Bank has continued its crackdown on the banks by revoking the licenses of another three credit institutions, Vedomosti reported Monday.

Reliability bank, based in Kurgan, south Russia; the National Payment Company based in Moscow; and Imbank, based in Makhachkala, Dagestan, have all had their licenses taken away due to violations of banking laws.

While Reliability bank has been implicated in a number of suspect financial transactions, Imbank has concealed significant losses that would have otherwise provided grounds for its bankruptcy, the regulator said. The total shortage of funds identified at Imbank currently exceeds 90 million rubles (about $2.7 million)

Meanwhile, the National Payment Company has been involved in questionable noncash dealings, with $320 million transferred to nonresidents using fake documents in 2013.

Reliability bank and Imbank are party to the deposit insurance system, and have assets of 463.57 million rubles (about $13.7 million) and 558.91 million rubles (about $16.6 million), respectively. Reimbursement payments to investors in the two banks will start no later than Feb. 2, with the agents responsible for this to be named no later than Jan. 24, the Deposit Insurance Agency said.


… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more