Russian President Vladimir Putin signed a law obliging banks, if they refuse to provide borrowers with “credit holidays”, to indicate the reason for their decision. The corresponding document is posted on the official Internet portal of legal information.
“To amend part 12 of Article 6.1-1 of the Federal Law“ On Consumer Credit (Loan) ”, adding it after the words“ on the refusal to satisfy his demand ”with the words“ indicating the reason for the refusal, ”the text of the law says.
Earlier, the Central Bank recommended to the banks to inform the borrowers about the reasons for denial of the “credit holidays”. However, this measure was optional. At the same time, clients regularly complain about the unjustified actions of banks, which imposed their own, sometimes less cost-effective loan restructuring programs. This, in turn, leads to an increase in the debt burden of the country’s population, as follows from the explanatory note to the bill.
Thus, the law is aimed at combating unfair banking practices. In addition, the measure should support citizens and small and medium-sized businesses who find themselves in a difficult life situation.
Earlier, the Central Bank reported that it received 39,300 complaints against banks in the first quarter of this year, which is 1.7% more than in the same period last year. A third of them accounted for dissatisfaction with consumer lending services. Thus, 15.3% of applications were related to the issue of restructuring loans in connection with the coronavirus.
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