MOSCOW, 1 March. Microfinance institutions in their current form should not exist, but the demand for such services is, therefore, necessary to establish a Bank for micro-credit, for example, on the basis of “Mail of Russia”. The proposal was made by a member of the Federation Council Committee on budget and financial markets Rostislav Goldstein, said Tuesday the press service of the upper chamber.
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“The situation with microfinance institutions has turned into microproblem,” he said. “The number of Russians who are trapped in financial bondage microfinance institutions (MFIs), measured in the millions. In 2015, 3.7 million people took there the credits. If we apply the coefficient of nepotism, it’s already about 12 million people”, – said the Senator. He also noted that “people generally take money to paycheck”. “Coming in MFIs with their troubles, they get into financial bondage under mad percent, down to 880% per year! It’s highway robbery,” he said.
Goldstein also noted that “knocking out” of debts MFIs often attract collectors, “who lives not give.” “It’s a chain reaction: the microcredit – collectors – harassment of citizens. Therefore, the industry of microfinance organizations has no right to exist in the form in which it exists now,” said the Senator. According to him, the framework for microfinance organizations could be “Mail of Russia”. “There is a well-respected banks, there are “Mail of Russia”. Why not make on its basis the Bank by microcredit? First of all, post offices are in every area that is convenient for citizens. Second, it is guaranteed strict control and management. Will be with whom to ask,” he said.
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Despite all the difficulties encountered in the process, MFIs, “total elimination” this Institute does not make sense, says Goldstein, since on the part of the population “there is a demand for microcredit, and the gap is still someone takes”.
On Wednesday the Federation Council will consider at plenary session the answer of the Bank of Russia on the request of the chamber about the high rates of MFIs. According to the speaker of the Federation Council Valentina Matvienko, the answer Elvira Nabiullina “very informative”, it contains concrete proposals “necessary measures for market regulation of microfinance organizations”. “The relevant Committee carefully studied the response of the Central Bank, next meeting (2 March – approx.) we will try to prepare joint action and proposals for normative legal regulation of microfinance organizations”, – concluded the head of the Federation Council.
