Bank of Russia expands use of bank mobile offices
The regulator has simplified the procedure for banks to open mobile cash points and changed the name of these units to mobile offices. The regulator also expanded the list of banking transactions such mobile offices are authorised to make. The relevant ordinance of the Bank of Russia takes effect from 1 October 2023.
The said amendments are based on the suggestions made by financial market participants including those voiced within the ‘regulatory guillotine’. The amendments will enable credit institutions to provide a wider range of banking services in remote and sparsely populated areas, disaster and emergency zones.
Additionally, the mobile offices will be empowered to lend to households, make money transfers between their accounts and without opening an account, offer a full range of cash services and render cash collection services to businesses.
A credit institution will be able to decide on the number of its mobile office employees at its own discretion (there used to be an established minimum number of people).
Banks will not have to do anything to rename their existing mobile cash points after the change of name to mobile offices.