Banks’ importance criteria in payment services market to be expanded: Bank of Russia’s draft ordinance
The list of the criteria for classifying banks as important in the payment services market will be expanded to include two additional criteria related to banks’ systemic importance and the amount of transactions conducted through the Faster Payments System (SBP). These changes are provided for by the Bank of Russia’s draft ordinance.
Systemically important banks will be automatically qualified as important in the payment services market as well.
As regards the second criterion, transactions carried out by a bank through the SBP shall account for at least 2% of the bank’s total money transfers made over a year in a federal district. This requirement is associated with the advancement of and growing demand for the SBP among both people and businesses.