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Banking Law

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Chapter Summary

The State Bank of Russia was founded in 1860, followed by some private credit institutions. At the beginning of the 20th century, the Russian banking system comprised the State Savings Bank and various social and private credit institutions including around 50 commercial banks which were formed as joint stock companies. Banks are regulated by Federal law and subordinate acts. On the regulatory side, two Federal laws are relevant. One is the Law on the Central Bank (Bank of Russia) and the other is the Law on Banks and Banking Activities. The Law on Banks and Banking Activities provides, inter alia, for the procedure of registration and licensing of banks, mandatory reserves, bank accounting, bank confidentiality and arrest of accounts. There are also the Law on Insolvency of Credit Organisations and the Law on the Restructuring of Credit Organisations which were enacted in the aftermath of the 1998 banking crisis.

Keywords: 20th century; central bank; Credit Organisations; Federal law; Law on Banks and Banking Activities; Russian banking system



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