The modern banking system of Russia consists of many different credit and financial elements. Systematization of finances helps people to take loans or sign deposit agreements, and legal entities to pay taxes. At the head of the entire financial sector is the Central Bank of Russia.
Central Bank of the Russian Federation
In 1860, Russia was created National Bank, which performed such functions as monopoly issue of credit tickets, as well as the management of small financial organizations. At that time, the State Bank played the role of the country's central financial institution, and also performed commercial functions. In the XIX century, the development of the banking system was already at a high level. All financial institutions needed to be controlled by one authority.
Until 1987, the State Bank of Russia continued to perform the functions of the central authority of the entire financial system, and also conducted lending and settlement activities. After the banking reform in 1988, the functions of cash management services were transferred to specialized financial organizations. The state bank was renamed central. This financial institution managed the entire monetary system of the country. Today, the Central Bank of Russia is working closely with the government. Together, the state budget is developed, and control over subordinate financial institutions is also carried out. The economic policy of the Russian Federation could not exist without the Central Bank.
Today, the National Banking Council operates under the Central Bank. It includes representatives of the government, the president, as well as the chambers of the Federal Assembly. The meetings are necessarily attended by the Minister of Economy and the Minister of Finance. The National Council is considering various concepts through which the banking system is being improved. A discussion of monetary policy and foreign exchange regulation also takes place at meetings of the National Banking Council.
Commercial banks of Russia
The entire credit and banking system of the country could not have existed without large and small financial institutions that interact with the population and legal entities. First of all, these are commercial banks. They can all be classified according to the type of operations performed, the territory of service, as well as the formation and size of the authorized capital. According to the latter indicator, mutual and joint-stock banks are distinguished. The credit and banking system of Russia to a greater extent consists of joint-stock financial institutions. The authorized capital in such organizations is formed from a certain number of shares. The bank is owned by several owners.
According to the type of operations performed, all financial institutions are divided into specialized and universal. The modern banking system consists largely of universal commercial banks. They provide clients with several financial services at once and work with both individuals and legal entities. Mortgage or deposit banks in Russia are practically absent.
Some commercial banks operate in the territory of a certain region. There are also financial institutions that have been operating in the market for a long time and provide services not only on their territory, but also in other countries.Below you will find financial institutions that are trusted by most citizens of the Russian Federation.
Sberbank of Russia
This financial institution was based on the State Labor Savings Banks, which have been operating since 1922. The establishment of the commercial organization Sberbank of Russia took place in March 1991. The banking system from this financial institution began working with the international organization Visa.
Despite the fact that Sberbank began its work thanks to labor savings banks, today it no longer reminds of the past. This is a developed financial institution that provides high-level services. This is the leader of the banking sector of the Russian Federation. Almost every citizen, to one degree or another, takes advantage of the opportunities provided by this financial institution. Many employees of public and private organizations receive wages here, students have the opportunity to receive a scholarship on a plastic card. Sberbank offers to issue a mortgage, put money on a deposit or use a loan. In one of the branches, which are even in the smallest cities, an economist will be able to provide useful information for any client.
The modern banking system is not only branches. Sberbank takes care of customer convenience. Therefore, the financial institution has one of the largest ATM networks in the country. You can also find out the current account information using SMS service or Internet banking.
Gazprombank
It is a large financial institution with about 4 million customers. More than 50 thousand of them are legal entities. The banking system of the Russian Federation could not fully function without this financial institution. Indeed, Gazprombank today serves the main sectors of the Russian economy. These are oil, nuclear, gas, chemical spheres, mechanical engineering, metallurgy, and also electric power industry. Retail business is also one of Gazprombank's business lines.
A financial institution holds a leading position not only in Russia, but also in the international market. Bank representative offices are available in neighboring countries. In addition, there are subsidiary banks in countries such as Belarus, Switzerland, China, Kazakhstan, India and Mongolia.
Private clients are provided with a full range of services, which include the banking system of the Russian Federation. Gazprombank refers to universal financial institutions. Here you can get a consumer loan, sign an agreement on the purchase of housing in a mortgage, put money on a deposit, etc. Everyone will be able to choose a financial product with the most favorable conditions.
"Alfa Bank"
The financial institution was founded in 1990. Today it is a universal bank that carries out all types of banking operations. It serves both private and corporate clients. In terms of the size of its assets, Alfa-Bank occupies one of the leading positions. In 2014, the bank serviced more than 128 thousand corporate customers, as well as 10 million individuals. According to numerous surveys conducted among the population of the Russian Federation, Alfa-Bank ranks first in consumer lending. Clients with a low, but official income can arrange an installment plan for goods or use the capabilities of a credit card. The banking system of Russia could not exist without such financial instruments.
The financial sector in the country is not only money and bills. Cultural development also matters. The banking system of Russia is also developing at the expense of national art. And Alfa-Bank in this area is one of the first places. Thanks to the support of this financial institution, world-famous show business stars visit Russia annually, and national actors can share their talent with residents of remote regions.
Bank of Moscow
The financial institution is in the TOP-5 of the most popular banks in Russia. The offices provide a wide range of services for individuals and legal entities. The bank is universal. Most of the clients are served in Moscow and the region. Branches are also available in some other large cities of Russia.
The banking system of 2015 consists to a large extent of financial institutions that serve individuals and offer small consumer loans. The Bank of Moscow decided to occupy an unexplored niche. One of the most significant priorities of a financial institution is servicing small and medium-sized businesses. There are more than 120 thousand corporate clients.
Rosbank
A universal commercial bank that is part of the Societe Generale financial group. Today there are 550 branches in various regions of Russia. There is also an extensive ATM network. Rosbank serves mostly private customers. In the first place is precisely consumer lending. A financial institution seeks to be a reliable and understandable partner for citizens of the Russian Federation. Everyone has the opportunity to get a loan for the goods or open a savings account. In one of the bank's branches, relevant information on existing services will always be provided.
A country's banking system cannot exist without a retail business. In this area, Rosbank also excelled. Convenient cash management services are provided. Many stores install terminals from Rosbank. Customers can pay for purchases or pay utility bills.
"Russian standard"
The financial institution was founded in 1999. The main shareholder is CJSC Russian Standard Company. Today it is one of the leading banks in the consumer lending market. Customers draw up installments for household appliances and furniture or use the capabilities of a credit card. Private individuals are provided services not only in the territory of the Russian Federation, but also in the countries of the near abroad. For example, in Ukraine, the bank occupies one of the leading positions.
Deposits for the public are also a focus of the financial institution. The Russian banking system could not exist without the cash deposits of individuals. It is possible to draw up a deposit agreement on various conditions. The most popular is the demand deposit. The client can deposit money into the account and withdraw it at any convenient time. A positive balance always accrues interest.
Non-Bank Credit Organizations
Elements of the banking system are not only banks that enjoy the trust of citizens and have been operating on the market for decades. Services are also provided by various credit communities, leasing organizations, pawnshops, investment funds, and dealer firms. But in full trust can only be an organization that has a license from the Bank of Russia. In addition, the name of the company is not always directly related to its real activities. Many scammers work under the guise of credit communities, as well as investment funds.
Before using the services of a non-bank credit organization, it is worth checking at least the minimum information about it. The name of the founders and the amount of the authorized capital will give an idea of how financially stable the company is. It is also worth knowing how many years the organization has been operating in the market, whether it has regular customers and positive reviews. The banking system elements are financial organizations with stable income that have been operating on the market for at least a year. You can also pay attention to the main office of the company. If it is located on the ground floor of a residential building, such an organization should not be trusted.
Among non-banking financial institutions, the most popular are pawn shops.Banks and the banking system of Russia act in such a way that a loan cannot be provided to a person without proof of income. But many in the Russian Federation work unofficially. In order to take a loan from a pawnshop secured by property, there is no need to provide information about the work. And the basis for issuing a loan is the only document - a passport of a citizen of the Russian Federation.
Banks and the banking system of the Russian Federation in 2015
Today, small and medium-sized banks dominate in the country. Most of them are universal and provide their services to both individuals and legal entities. Consumer lending continues to flourish, with the help of which everyone has the opportunity to purchase the right product without compromising the family budget.
Among passive financial transactions, deposits in national currency remain the most relevant. As long as the economic situation in the country is stable, with the help of deposit agreements, private individuals can not only save their capital, but also increase it.
In 2015, specialized banks began to use more and more popularity. These are financial institutions that offer a limited range of services. The most sought after are investment banks. Individuals and corporate clients have the opportunity to invest their finances on favorable terms. Less popular, but also in demand are mortgage banks that offer to arrange installments for the purchase of real estate.
