The Central Bank will oblige microfinance organizations to publish a list of their websites
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Microfinance organizations (MFIs) will be required to publish links to websites where they provide loans, follows from the explanatory note (.pdf) draft instruction of the Bank of Russia.
According to the document, the regulator also plans to oblige MFIs to post information on the trademarks and commercial designations used on the official website.
As stated in the explanatory note, the Central Bank developed this project in order to counter unfair practices that arise in the activities of MFIs, as well as to ensure the rights of consumers of the services of such organizations.
According to the instructions of the Central Bank, from January 1, 2023, the share of borrowers with a debt load indicator (PTI, the ratio of average monthly payments on debt to average monthly income) of more than 80% should not exceed 35% in the structure of MFO loans. In addition, this year the Bank of Russia has tightened the requirements for the maximum level of loan overpayments, taking into account all interest, penalties and fines for MFIs. At present, it does not exceed 1.5, and from April 1, it should not exceed 1.3 of the loan amount.
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