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. Last Updated: 07/27/2016

Prosecutors Monitor Standart

Russky Standart bank came under further fire Thursday, as prosecutors tasked the Central Bank with monitoring whether the country's third-largest lender was complying with laws on banking and consumer rights protection.

Following an investigation by the Prosecutor General's Office, the bank's board of directors voted Aug. 8 to remove monthly maintenance and accounting fees. The move came into force Wednesday.

The bank also canceled all fees for late or missed payments and decided to stop referring delinquent customers to a collection agency, the statement said.

But prosecutors said they had still asked the Central Bank to monitor the activities of Russky Standart, which is also the country's largest consumer lender.

The Central Bank was asked to monitor the bank's compliance with legislation on banking and consumer rights' protection because the "bank's actions create an atmosphere of social tension and discredit the idea of consumer credit," the statement said.

Russky Standart owner Rustam Tariko said in a statement that his bank had cooperated fully in addressing the concerns of the Prosecutor General's Office.

"I understood and shared the concerns of the government and together we identified the most important areas for improvement," Tariko said.