OREANDA-NEWS  The Bank of Russia has begun to record cases of financial institutions issuing microloans under the guise of loans. Moreover, of the six banks that have noticed this practice, two are systemically significant. Kommersant writes about this with reference to the Central Bank's message.

The regulator did not disclose which banks were found guilty of violations. However, he pointed out that a demand has been sent to everyone to change their approaches to information. The source of the publication said that the issue was discussed at a meeting of representatives of the Central Bank and microfinance organizations, held on April 14.

Banks manage to deceive customers by concluding a contract remotely. Managers do not communicate to citizens all the terms of the loan or explain them vaguely. As a result, he thinks that he is taking out a regular loan, but in fact he is receiving borrowed funds on much worse terms.

To issue microloans, large banks create their own microfinance organizations (MFIs), and the borrower can expect to enter into an agreement with the bank, not realizing that we are talking about another organization. Lawyers believe that this practice is a violation of consumer rights and the instructions of the Central Bank regarding the transparency of product terms.

According to their estimates, in case of the first detected violation, the bank may receive a warning or an order from the Central Bank, an administrative fine or a ban on remote service. In the future, if the substitution of the product is repeated, Rospotrebnadzor can initiate administrative proceedings. In the future, the Bank of Russia has the right to apply more stringent measures, especially if the substitution is widespread.

Earlier it was reported that 1.25 million consumer loans were issued in Russia in March. As it turned out, this is 57 percent less than in the same period last year.