Universal QR code in cash registers and ranking of complaints against banks: what the head of the Central Bank said at the International Banking Forum

• Nabiullina said that the Central Bank does not rule out increasing the key interest rate in October (the last time it raised it was on September 13, 2024 to 19% annually). The official noted that the regulator plans to reach the inflation goal of 4% by the end of 2025.

• The regulator plans to force commercial and service companies to use a universal QR code at checkouts. “We propose to enshrine in law a rule according to which there will be only one universal QR code on checkouts, which will work on an equidistant infrastructure,” said the head of the Bank of Russia.

• The Central Bank plans to publish a ranking starting at the end of 2024, which will contain information on the credit institutions that have the highest number of complaints for violations of consumer rights.

• The regulator will also begin work to increase penalties for mis-selling (taxation of financial services). According to Nabiullina, there are fewer such violations, but they still exist, since the fines are “practically cheap.”

• Despite the increase in the key rate, the rate of increase in corporate loans is now very high, the head of the Central Bank noted: more than 21% in annual terms (while the growth of retail loans is slowing down).

• Nabiullina also commented on the situation of the mortgage market. “If such issues (mortgages – RB.RU), as in July-August, continue until the end of 2024, according to their results, the mortgage portfolio will increase by about 12%,” the official said.

• The Central Bank and the Ministry of Digital Development are working together on a feature that will automatically notify citizens about a new loan being granted to them through State Services.

• Usurious microfinance organizations should leave the market, says Nabiullina. According to her, the Bank of Russia is gradually increasing the requirements for this type of companies; For example, the regulator has introduced limits on interest rates.

• Despite the move away from preferential mortgages, the Central Bank continues to establish gray mortgage schemes, which offer various “preferential” rates and conditions.

• The Central Bank and Rospotrebnadzor will fight against gray schemes in the field of car lending. Nabiullina expressed hope that the banking community “will be able to agree on them (gray schemes – RB.RU) faster than on a mortgage.”

The International Banking Forum is an annual forum of the Association of Russian Banks (ADB). The 21st event started in Sochi on September 25 and will last until the 28th. Speakers include Chairman of the Committee on Financial Markets of the State Duma Anatoly Aksakov, President of the ADB Anatoly Kozlachkov, Deputy Minister of Finance Ivan Chebeskov, Deputy Chairman of the Federation Council Nikolai Zhuravlev and others.