Russia's Central Bank may overhaul its controversial 'white list' of privileged lenders
The Bank of Russia is reviewing its controversial 'white list' of banks, which currently includes only three lenders. Governor Elvira Nabiullina has criticised the system for creating unfair competition, as listed banks gain a major advantage over others. The issue has sparked discussions with financial regulators.
At present, just three banks—VTB, Alfa-Bank, and Promsvyazbank—appear on the 'white list'. This designation allows their services to remain available even when mobile internet fails, giving them a clear edge. Nabiullina has argued that all licensed banks should be included to ensure equal conditions.
No official updates on new additions to the list have been published by the Bank of Russia since March 2024. The Central Bank is now in talks with regulators to address concerns about market fairness. Nabiullina's stance highlights the growing debate over whether the current system distorts competition. While the list was designed to maintain service stability, its limited scope has drawn criticism from industry observers.
The Central Bank's discussions with regulators could lead to changes in how the 'white list' operates. If expanded, more banks would benefit from uninterrupted service access during network issues. For now, only VTB, Alfa-Bank, and Promsvyazbank retain this privilege.
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