MOSCOW, Nov 3 (PRIME) -- The central bank has allowed Sberbank, VTB and Alfa-Bank to use their own models of debt burden calculation for a borrower in, the authority said in a statement on Friday.
"The Central Bank of Russia received notifications from Sberbank, VTB and Alfa-Bank on their readiness to apply their models in June, the regulator deemed it acceptable for them to use the model-based approach on November 2," the authority said.
The central bank also said that the model-based debt burden calculation is more precise than the earlier approach of relying on the average income per capita or data from the credit reporting agency.
The bank promised to assess the quality of the approved models regularly.
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