The Bank of Russia will take measures to ensure microfinance institutions survive tightened regulations «with dignity and capital,» stated Deputy Chairman of the Central Bank Filipp Gabunia. Since March 1, biometric data has been required to obtain online loans from microfinance institutions in Russia.
The Bank of Russia is considering temporarily waiving measures against microfinance organizations (MFIs) if they are forced to violate the law on issuing online loans using biometric data. This was announced by Deputy Chairman of the Central Bank Filipp Gabunia and Director of the regulator’s Non-Bank Lending Department Ilya Kochetkov.
«As you know, since March 1, microfinance institutions are required to comply with requirements related to the identification and authentication of clients using the Unified Biometric System (UBS). «Recognizing two key issues, as I see it—the system is technically unprepared and the database is insufficiently populated with clients—the Bank of Russia is very carefully considering the possibility of waiving penalties for violating this requirement for a certain period of time,» Kochetkov said, speaking at a microfinance organization (MFO) forum organized by the SRO «MiR.» He added that his department has prepared a regulatory act on such relaxations for the market; it has been coordinated with other Central Bank departments and will soon be submitted to Bank of Russia Governor Elvira Nabiullina for approval.
Despite the market adapting to the law’s requirements, Kochetkov emphasized that approximately 20 large companies are already forced to comply with the ban on issuing online loans without biometrics. He estimates that the restrictions directly affect companies with a loan portfolio of 180 billion rubles. For comparison, at the end of 2025, the total portfolio of Russian MFOs reached 762 billion rubles, according to Central Bank statistics.
In a conversation with journalists, Kochetkov did not specify the period for which the regulator would waive administrative measures against microfinance institutions that fail to connect to the Unified Biometric System. He cited the fact that the Central Bank’s regulatory act has not yet been approved.
«When we carry out our oversight, we cannot fail to consider the ability to comply with the law. And of course, in each case, significant attention will be paid. If a company has done everything possible to comply [with the law], but for some reason this is simply impossible, then this will, of course, be taken into account. I believe we will be able to provide you with additional clarification on this matter in due course, which will also allow you to pass this period with minimal losses, as they said, with dignity and capital,» Central Bank Deputy Chairman Filipp Gabunia confirmed the regulator’s intentions.
In a conversation with journalists, Gabunia clarified that during inspections of microfinance institutions, the Central Bank will not refrain from issuing orders to companies, but will «consider all circumstances regarding the use of the Unified Biometric System.»
«If a company connected, but wasn’t connected. The relaxation can be described as ‘technical,’ but it’s very significant. These are elements that could lead to very large business losses or even a complete shutdown,» he gave as an example.
Gabunia also recalled that in early February, the Bank of Russia relaxed requirements for microfinance organizations (MFOs), allowing them to include loans received from associated microfinance companies (MCCs) in their assets when calculating their equity capital.
Source: rbc.ru