ALEXANDER LINNIKOV ON BUSINESS FM RADIO ABOUT THE CANCELLATION OF THE COMMISSION FOR CERTAIN CATEGORIES OF FPS TRANSFERS

20/09/2024, the founder of L&P made a comment on the BUSINESS FM radio station regarding changes in the work of banks related to new restrictions on commissions for transfers of citizens’ funds within the framework of the Bank of Russia’s Fast Payment System.

“Of course, if it arrived in one place, it will certainly disappear in another place. The initiative to exempt social payments from bank fees has been discussed for a long time, and it has finally been implemented. For banks, this is due to the loss of part of the commission income, which means that credit institutions will redistribute flows in such a way as to find an opportunity to collect commissions from other customers and payments. Of course, any restrictions on commission income are painfully perceived by the banking community. Banks are already in a situation of intense competition, constantly forced to reduce fees and create favorable conditions for private clients. At the same time, banks are unlikely to put up with a significant limitation of their income and will seek new earning opportunities in other segments. The amount of reduction in the bank’s commission income and the significance of this decrease for a particular credit institution will depend primarily on the geographical area of presence, on the region, and on many other factors, and, to a large extent, on the solvency of the population and the purposes for which bank customers use their accounts and payment cards,” — Alexander Linnikov stated.