The Central Bank advocated increasing the amount of deposit insurance for medium-sized businesses
2021-06-15 06:43

The Central Bank advocated increasing the amount of deposit insurance for medium-sized businesses

The size of deposit insurance for medium-sized businesses should be increased. This was stated by Elvira Nabiullina, Head of the Central Bank of Russia

"Now 1.4 million rubles, but on average in the accounts of medium-sized companies was about 10 million rubles. Therefore, we need to look at the amount of the sum insured, so that it would be sufficient. Especially, we don't have so many medium-sized companies, just over 17 thousand," she was quoted as saying by TASS.

Nabiullina said that first of all, the measure should be extended to non-profit organizations that provide social and charitable services.

Deposit insurance allows private depositors to get their money in case of withdrawal of license or bankruptcy of a credit institution. For this purpose, banks pay insurance premiums for attracted deposits into a specialized fund, from which payments are made in case of default.

If a bank's license is revoked, depositors are guaranteed up to 1.4 million rubles.

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Author: Maria Buzanakova