Central Bank issues new regulations for registration of banks

The Russian Central Bank has passed instructions concerning the registration of credit organizations and licensing banking activities. This document brings the registration and licensing procedures in compliance with federal legislation, the Central Bank's department for external and pubic relations reported.

One of the important items of the instructions stipulates simplified procedures of opening branches by banks and a reduction in the terms of consideration of the corresponding documents by the Central Bank. New instructions also introduce higher requirements to credit organizations while expanding their banking activities via receiving an additional license. Other demands stipulate that the structure of a bank's shareholders should be open.

New instructions passed by the Central Bank set a license fee for the consideration of issuing a license by the Central Bank and define cases when fees are charged. For instance, the issuing of a license to a newly established credit organization will cost 0.1 percent of its authorized capital, while the issuing of an additional license or reorganization of a credit organization will cost 0.01 percent of the authorized capital.

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