MOSCOW, January 20. /ITAR-TASS/. The Agency for deposits insurance will start making payments to clients of Dagestan’s Imbank no later than February 3, the agency reported on Monday.

In order to process applications from clients, the agency will use agent banks to be chosen before January 24.

A client will be able to receive 100% of the money on deposits, where the total amount will not exceed 700,000 rubles ($20,900). The amount of money in excess to the insurance will be settled over the bank’s liquidation as part of the claims from creditors of the first stage. Insurance payments for deposits in currency will be calculated at the official exchange rate on January 20, 2014.

On Monday, Russia’s Central Bank has revoked the license from Makhachkala’s Imbank, the regulator reports. The Imbank was registered in the city of Makhachkala (Dagestan’s capital city). The Central Bank issued a license to the bank on March 3, 2003. The license is terminated from January 20.

“The Bank of Russia has revealed shortage of a big amount of cash in the bank.” The bank did not follow the central bank’s requirements to have adequate reserves and filed to the Bank of Russia the reports, where it did not reveal the information, which could have initiated necessary measures to prevent the bankruptcy, the regulator says. Imbank was involved in doubtful operations. “The bank’s managers or owners did not undertake measures to correct the activities. Under these circumstances, the Bank of Russia has made a decision to revoke the bank’s license for operations.”

The central bank has appointed temporary administration until appointment of a receiver or liquidator. In Russia’s banking system rating, Impbank took the 808th line.