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Non-core investments of banks should not jeopardize deposits safety, says Putin

The banking sector has become one of the most high-technology ones in the Russian economy in recent years, Putin said

© Mikhail Klimentiev/Russia's presidential press service/TASS

MOSCOW, February 1. /TASS/. Investments made by banks into non-core assets should not jeopardize the safety of depositors’ funds, Russian President Vladimir Putin stated on Monday.

The Russian leader noted that amid the dramatic changes in the banking sector there are not only new opportunities for business and households, but additional risks have also emerged.

"In order to prevent and mitigate potential risks, there is a need to timely and in advance adjust the regulatory base in the digital sphere, tackle cybersecurity issues and also provide mechanisms so that investments by banks into other, non-core sectors for them do not endanger the funds of depositors," he added.

The banking sector has become one of the most high-tech ones in the Russian economy in recent years, Putin said. ""It is already possible now in the majority of large banks to apply for a loan, make a payment or perform a transaction online, without personally visiting a branch office, thus it's as convenient as possible. The so-called ‘ecosystems’ are developed proactively, where cutting-edge solutions are actually used at every phase of working with the client, covering both traditional banking services and new promising areas," the head of state elaborated.

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