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. Last Updated: 07/27/2016

More Bank Data Due to Clients

Russian consumers will be entitled to more information about their bank's credit policies before signing up for a loan, according to new conditions announced Thursday by the State Anti-Monopoly Committee.

Under a government decree and with the assistance of the Central Bank, the anti-trust body wants to amend Russia's existing consumer-rights law to include financial institutions by the end of this year.

"The instruction allows more competition between banks. Its goal is to force banks to disclose credit-deal conditions to potential clients before they sign an agreement itself," Andrei Kashevarov, the committee's financial markets control chief, told a press conference.

"People kept losing their money because they were not fully informed about banks' obligations," said Sergei Batkaiev, chief of the committee's consumer rights division. "Now they have a right to demand a Central Bank license, a recent balance sheet, a list of services from the bank even before signing an agreement."

Kashevarov said the new practice is a first step in making the banker-client relationship more civilized.