Duma committee backs deposit insurance for banks serving businesses only

The State Duma's financial market committee recommended first-reading approval of bill No. 1269756-8, which would bring banks serving only companies and individual entrepreneurs into Russia's deposit insurance system. The first reading is planned for October 20.

Anatoly Aksakov and Arkady Svistunov, then a Duma member, introduced the bill in June. The government supported it in its official response, Interfax reported.

At the end of 2025, Russia had 21 banks authorised to accept funds only from companies and individual entrepreneurs. The explanatory note estimates the potential additional insurance liability at no more than 1%. Joining the scheme would not authorise those banks to accept personal deposits or open accounts for individuals.

New banks would join the scheme on the basis of their banking licence. The proposal removes a separate eligibility assessment from the deposit insurance law, a procedure originally introduced as a transitional mechanism for existing banks.

Shareholder disclosure and ownership transparency requirements would move to the banking law, with the central bank's powers to set and assess them placed in the Bank of Russia law. A bank with opaque ownership for at least three consecutive months would pay an increased additional insurance contribution. After six months of violations, the central bank could prohibit it from accepting insured funds until compliance is restored.

Insurance would also cover funds held by individuals practising as actuaries, following the treatment of lawyers' and notaries' accounts. Depositors could receive compensation through the Faster Payments System using a phone number, but only into their own account.

The Deposit Insurance Agency would become bankruptcy administrator and liquidator for all credit institutions. It would also take on temporary administration duties when an administration is appointed after a banking licence is revoked.

If adopted, the law would take effect 180 days after official publication.