Bank of Russia: On Action Plan to Increase Financial Inclusion
To streamline its policy in the financial market the Bank of Russia has developed an action plan to increase financial inclusion of the population and entrepreneurs.
The document envisages the methodology to assess the level of financial inclusion with due account to recommendations of G20 and Alliance for Financial Inclusion including the list of indicators and the procedure for their calculation.
The plan also calls for the development of the system to assess the efficiency of Bank of Russia draft regulations dealing with financial inclusion using the I-SIPinternational methodology.
The plan covers detailed cooperation with international institutions in the development of financial standards. An individual 2-year draft document envisages the development of digital financial services including the building of approaches to protect the rights of consumers of digital financial services.
Implementation of the plan is aimed at polishing regulation, expanding the scope and improving the quality of financial services including those relating to small-businesses as well as optimizing the situation with the protection of the rights of consumers of financial services.
Source: Bank of Russia/PressService
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