In October, the State Duma will consider a bill, according to which banks and microfinance organizations (MFOs) will be required to check the debts of Russians when issuing loans in the amount of 10 thousand rubles or more, calculate the debt burden indicator (PDI) and inform citizens about the risks of exceeding it, reports the newspaper “Izvestia” with reference to the press service of the Central Bank. The Central Bank took part in the development of the document, this bill also received support from the government.
According to the current legislation, banks and MFOs must calculate the indicator of the borrower’s debt burden when granting a loan or loan, but the obligation to notify citizens about the calculated PIT is not enshrined in the law.
The new bill assumes that banks and MFOs will have to notify citizens about the risk of default on loan obligations with a high value of the personal tax (more than 50%). This should help the borrower to make “an informed decision about the need to obtain a consumer loan (loan)” and increase the financial literacy of citizens, the Bank of Russia noted.
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