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The changes are designed to broaden the scope of banks' activities, who may benefit from the right to attract cash deposits from individuals.
At present there is a general rule according to which no bank can receive such a right prior to two years following the date of its registration.
The changes will allow banks to benefit from the possibility of attracting cash deposits from individuals before the specified time frame, provided that the volume of the authorized capital of the newly registered bank or the equity (capital) of the said bank is no less than 100 million euros in ruble equivalent.
December 5, 2007