Changes in regulation of cash-in-transit market: outcomes of Bank of Russia’s paper discussion
The professional community supports the introduction of additional measures to regulate the cash-in-transit market. The majority of experts are in favour of establishing a level playing field for all participants. These are the outcomes of the Bank of Russia’s paper discussion.
The participants in the discussion recognised the issues highlighted in the paper, namely the lower accessibility of cash-in-transit services in some regions and the intensification of unfair competition and labour shortages in the sector.
The Bank of Russia intends to create necessary conditions for more companies to operate in this market. Apart from banks, the regulation scope is supposed to cover other providers of cash-in-transit services. There are plans to keep a register of such providers. The regulator intends to establish liability for those providers who will render these services but will not be recorded in the register.
These initiatives will help counter unfair competition and improve the accessibility of these services, including in remote areas.