Business · Companies · 1 hr ago
Russian banks face possible fines after surge in bailiff requests
Russian banks received millions of requests from the Federal Bailiff Service for information about debtors over three days in September.
The volume was 10 to 12 times the usual level, and up to 30 times higher at some banks.
More than 90% of the requests concerned people who were not customers of the banks that received them.
Experts say a technical error may have triggered duplicate requests if the service did not receive banks’ confirmations.
Banks must answer each request within three days or face fines of 50,000 to 100,000 rubles, so the potential fines could threaten some banks’ stability.
The National Financial Market Council asked the Central Bank to investigate, and the Central Bank says it will review the matter.
Russian banks received millions of debt-related information requests from the Federal Bailiff Service over three days, an unprecedented volume.
The requests arrived between September 18 and 21, with one regional bank receiving 12.8 million on September 19.
More than 90% of the requests concerned people who were not customers of the banks that received them.
Banks that fail to provide requested information within three days can face fines of 50,000 to 100,000 rubles per request.
The National Financial Market Council asked the Central Bank to examine the situation, and the bank said it would review the inquiry.
- Who
- Russian banks received the requests from the Federal Bailiff Service. The National Financial Market Council raised concerns about possible fines.
- What
- Banks received an unprecedented surge of requests for information about debtors, potentially exposing them to large fines.
- When
- Between September 18 and 21. One regional bank received 12.8 million requests on September 19.
- Where
- Russia.
- Why
- Experts said technical errors may have caused the surge, possibly because the automated system resent requests when receipt confirmations were lost.
This story does not have two clearly opposing sides.
Russian banks received millions of information requests from the Federal Bailiff Service.
One regional bank received 12.8 million requests.
The National Financial Market Council asked the Central Bank to look into the situation.
- Request period
- September 18–21
- Single-day volume
- 12.8 million requests received by one regional bank on September 19
- Usual volume
- The surge was at least 10 to 12 times usual levels and up to 30 times at some banks
- Unrelated requests
- More than 90% concerned people who were not customers of the banks receiving them
- Possible fine
- 50,000 to 100,000 rubles per request
What people are saying
the fines could add up to amounts that pose a real threat to the financial stability of some banks.
The service has previously acknowledged that it resends requests if a bank hasn’t confirmed receipt. If those confirmations were lost, the automated system could have sent banks the entire backlog, along with duplicate requests.
received the inquiry and will review it according to established procedures.
Sources
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