The modern banking system of Russia

The credit system consists of a whole complex of credit and financial institutions. These institutions accumulate and mobilize revenues, and they operate in the loan capital market. The main institutional links of the modern credit system:

- Different types of banks: commercial banks, mortgage banks, savings banks and, of course, the Central Bank;

- insurance companies and pension funds;

- Non-bank credit institutions.

The banking system is the largest part of the credit system in terms of size and significance . The banking system of Russia has several basic characteristics, such as: the majority of banks are concentrated in the central part; The bulk of banks consists of small and medium-sized banks; Prevailing forms of ownership: joint-stock, share, mixed. Almost all banks in Russia are universal, therefore the network of specialized banks, such as mortgage, is not developed.

The banking system of Russia credits the economy to the country through the population, the state and entrepreneurs. "The Bank of Banks" since 1860 is the State Bank of Russia, and since 1990 the Central Bank. Prior to the 1987 banking reform, it was the only monopoly bank that was in charge of all credit, issuing, settlement and cash transactions. Currently, its activities are regulated by the Constitution of the Russian Federation and federal laws, and the authorized capital and property are the property of the federation. At the same time, the Central Bank is not responsible for the obligations of the state and vice versa, in its activities it is not subordinated to the Government of the Russian Federation, but to the State Duma. It is the State Duma that appoints members of the Board of Directors and the Chairman of the Council upon the proposal of the President, determines the form of the audit of the bank, listens to the reports of the Chairman and the annual report, etc.

The modern banking system of Russia is a system of the transition period, it is a simplified market model and consists of two components.

Russia's two-tiered banking system is a cross-section of the institutions of the Central Bank of Russia and a section of business commercial banks. The central bank is "responsible" for issuing money, stability of the Russian currency, and controls the activities of commercial banks. Commercial banks, in turn, are responsible for servicing the population, entrepreneurs and customers, providing them with a variety of banking services and products.

Commercial banks of Russia (by type of formation of the authorized capital) are divided into share and joint-stock companies, in simple terms, to limited liability companies and joint-stock companies. By the types of services offered and performed, banks can be specialized and universal. Universal banks have a license to carry out almost all operations and transactions, specialized banks have certain limitations. Depending on the size of the authorized capital, transactions and services offered, commercial banks are divided into large, medium and small. There are also banks that are territorially limited, and banks that carry out their activities throughout the territory of the Russian Federation.

The banking system of Russia also includes the institution of an authorized bank. This is a credit institution that, on the basis of an agreement, is authorized to make certain financial and credit operations on behalf of state bodies or local self-government bodies.

The banking system of Russia also consists of non-bank credit organizations that represent a variety of credit unions, investment and pension funds, pawnshops, brokerage firms, dealer firms, leasing and insurance companies, etc.