The Central Bank expects to increase the threshold for free transfers to itself up to 1.4 million rubles by the end of the year.

Director of the Department of the National Payment System of the Bank of Russia Alla Bakina said that many credit organizations support the initiative to expand the opportunities for citizens to make free transfers to themselves. The regulator considers it necessary before the end of the year to adopt a bill setting a threshold for transfers between accounts of one individual in different banks within one month.

In an interview “Izvestia” Alla Bakina noted that when discussing the bill, some market players express concern about the need to restructure the business model. They believe that the innovation could affect their commission income.

“Basically, the dialogue is around the amount. We adhere to the position that the threshold of free transfers to oneself in the amount of 1.4 million rubles. should be retained—that is the figure now fixed in the bill. We discussed with the market, for example, the limitation not by the amount, but by the number of transactions per month, per year or per quarter. But such restrictions complicate the process from an operational point of view,” Ms. Bakina said.

The Bank of Russia expects that in the near future the market and the regulator will come to a compromise, and the bill will be adopted. “We are in favor of passing the bill by the end of the year,” she concluded.

The bill on the abolition of commissions for transfers to oneself between banks within the limits of 1.4 million rubles. per month was submitted to the State Duma on July 8, 2022. In December last year, it was adopted in the first reading. In preparation for the second reading of the bill, banks have proposed lowering the limit on free transfers to themselves. They insist on a bar of 300-600 thousand rubles. per month.

More details – in the material “Kommersant FM” “Banks took the floor”.

Milena Kostereva