The Bank of Russia will consider a proposal to limit the number of microloans per person to two or three
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Deputies of the Just Russia party suggested that the Bank of Russia limit the number of loans in microfinance organizations (MFIs) per person to two or three. It is also proposed to check the solvency of borrowers and the debt burden. The regulator will consider the initiative in the prescribed manner, reported “Izvestia” at the Central Bank.
The authors of the initiative emphasize that at present the sphere of microfinancing of citizens remains extremely vulnerable. The current restrictions, in particular the mandatory obtaining of a license from the Bank of Russia, setting a rate of 1% per day (no more than 365% per year), as well as a limit on the maximum amount of overpayment on a loan not exceeding 150% of the original amount, are not enough.
According to State Duma deputy from Just Russia Alexander Aksenenko, who signed the letter to the regulator, in most cases microloans are issued without confirmation of the citizen’s solvency. There are no legal restrictions on the number of loans that one client can issue.
Experts interviewed by the publication note that often microloans become the reason for refusals to issue other types of loans, including mortgages, since banks consider their owners on the same level as bankrupts.
According to the State Duma deputy from United Russia Alexander Yakubovsky, it is necessary to add to the above proposals the creation of a microcredit system based on institutions with state participation, where the percentage at which such products are issued will be reduced.
According to the results of the first quarter of 2023, large MFIs showed an increase in net interest income and net profit, despite the tightening of regulation, follows from a study by Ivolga Capital, which was reviewed by Kommersant. Net interest income of the 30 largest MFCs exceeded 14.17 billion rubles. The companies’ net profit almost doubled to RUB 6.11 billion. However, from July the market will have to reconfigure the product line to reduce the maximum rate on loans from 1% per day to 0.8%.
More details – in the material “Kommersant” “MFIs did not harden on tightening”.
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