The Central Bank has proposed making the cooling-off period for retail loans the default
The Central Bank (CB) proposes to make a cooling-off period for retail loans by default, even if there are no signs of fraud. The head of the regulator Elvira Nabiullina spoke about a new way to protect Russians from financial fraudsters, her words are quoted by “Interfax”.
The above initiative, in particular, implies a cooling-off period of up to four hours for applications for loans from 50 to 200 thousand rubles. As for client requests for larger loans, the so-called cooling-off period for their issuance, as Nabiullina noted, should be at least two days.
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These measures, as the Central Bank believes, should not only moderate citizens’ credit ardor, but also protect them from potential fraudsters. “Our fraudsters are inventive, these signs of fraud should still be understood as signs, so we believe that they should be introduced by default,” the head of the regulator summed up.
Since July 25, 2024, a similar mechanism has been in effect in Russia for money transfers. Since that date, the Central Bank has obliged domestic financial institutions to suspend suspicious transactions if the final recipient of funds is on the regulator’s blacklist, as well as if the citizen had previously received suspicious calls or SMS messages or had a long phone conversation. If banks do not stop such transactions, they will be required to return all money to the client within 30 days after the date of their execution.
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