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Deputies are planning to pass a controversial law that could change the conditions of the banking deposit market. According to the parliamentarians, the current system of full deposit guarantees by the Deposit Guarantee Fund leads citizens to place their money in high-interest accounts without paying sufficient attention to the bank’s financial health and potential operational risks. Therefore, it is now proposed to set an upper limit on the amount of guaranteed deposits at 200 million sums. This raises a critical question: don’t the deputies realize that such measures could seriously harm the banking system? Citizens may rush to withdraw their deposits from banks, fearing for their savings.
The new regulation is outlined in the draft law “On Guarantees of Deposit Protection in Banks,” which was discussed today at the plenary session of the lower house of parliament.
The draft law proposes setting an upper limit on guaranteed deposits at 200 million sums. Deputies emphasized that an analysis of the current state of deposits showed that this limit would fully protect 99.7% of bank depositors.
They also added that even with the limitation on the amount of guaranteed deposits, banks remain responsible for their obligations and will be held accountable to depositors with their assets. This means that depositors will have the right to demand the return of funds exceeding the guaranteed amount directly from the banks.
Deputies are confident that the new regulations will help strengthen public trust in the banking system, ensure the stability of banks, and protect the savings of both citizens and entrepreneurs. In their opinion, the adoption of this law will reduce risks for depositors and strengthen the country’s financial system.
At the meeting, the law’s initiators also highlighted another important point. It was noted that the upper limit on the amount of a guaranteed deposit applies to an individual’s deposit in a single bank. This means that if a person has deposits in several banks simultaneously, even if all those banks are liquidated, the system created by the law will equally guarantee all deposits.
As a result, the draft law was passed by the deputies in the first reading, and further discussions and revisions will continue.
But what do citizens think about this?
Social media users have strongly opposed the document. Opinions are already emerging that no one will make deposits over 200 million sums, as “dealing with banks will become too costly.”
“I think this is a very bad idea. Economists have explained quite well why it needs to be done, but they explained it rationally. Their equation doesn’t account for the fact that people act irrationally. Their actions are driven by emotions, and financial literacy is very low. From this reform, people will learn only one thing: ‘Rush to withdraw all your money from the bank and stash it under your mattress,’” said blogger and journalist Nikita Makarenko.
“Trust is very fragile. And you won’t be able to manage this; you won’t be able to explain anything to people. You don’t even have the tools to do it. Just wait and see what the consequences will be. Representatives of two commercial banks wrote to me, saying they expect a collapse if this law is passed. I hope it will be rejected at the Senate level,” he emphasized.
The text has been translated by AI. For more accurate information, please refer to the Russian version of the article.
