No more relief measures for SROs in microfinance

The Bank of Russia will not extend, from 2 July 2023, the easing that provides for the non-application of enforcement measures for violating the requirements for the mandatory check of the members of self-regulatory organisations (SROs) that unite microfinance organisations, consumer credit cooperatives and agricultural consumer credit cooperatives.

The easing was introduced in 2022 amid an unstable economic situation. Since then, SROs have been able to adapt their control functions to the new environment.

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01.06.2023 11.50.30