Cbank revokes licenses from two small Russian banks
MOSCOW, Apr 26 (PRIME) -- RussiaТs central bank has revoked banking licenses from Moscow-based Commercial Bank New Credit Union, ranked 437th by assets as of April 1, and Makhachkala-based Commercial Bank Elbin, ranked 483rd, and the authority said on Thursday.
Both banks did not comply with federal banking regulations and violated bylaws of the central bank with regard to money laundering and financing of terrorism. They also performed currency exchange transactions unlisted in book records or financial reports.
Both banks are members of the deposit insurance system, which means that each depositor may receive up to 1.4 million rubles in compensation.
Payments to depositors of the banks will start no later than on May 10, the Deposit Insurance Agency (DIA) said in a statement.
(61.7494 rubles Ц U.S. $1)