Alla Bakina, head of the Central Bank’s Department of the National Payment System, noted in an interview with the newspaper News that many credit institutions back the idea of letting citizens expand their ability to make free remittances. The remark came as part of the broader discussion about what changes mean for everyday banking for individuals and families.
Bakina indicated that some market players are wary of how such innovation could force a rethink of their traditional business models, particularly if commission revenues are affected. She pointed out that the dialogue largely centered on scale and volume rather than on principal policy shifts, and reaffirmed the Central Bank’s stance that the threshold for free transfers remains at 1.4 million rubles and should be preserved to maintain operational efficiency and financial stability.
“We explored the possibility of collaboration with the market to impose limits not solely by total quantity but by the number of transactions within a given month, quarter, or year,” she explained. “Yet implementing restrictions based on count can introduce operational complexity. In our view, a cap on the total quantity remains the most efficient solution.”
In May, Izvestia reported that most large banks in Russia presently earn a commission on transfers made from one bank to another in the range of 1–2 percent. For example, VTB began charging a fee of 1.25 percent of the transfer amount starting May 1 of this year, with a minimum charge of 30 rubles. This development illustrates the ongoing balance between consumer-friendly remittance initiatives and the revenue models of large banking institutions.
The Central Bank’s prior statements about potentially adjusting the key policy rate were noted in discussions around how such changes might interact with the proposed framework for free transfers and overall monetary conditions.