The Central Bank recommended that banks provide credit holidays to mobilized Russians

The mobilized Russians will be able to apply to a bank or a microfinance organization (MFI) for a deferment on loans and borrowings. About it informed Bank of Russia. Now credit holidays on a general basis can be obtained only with a noticeable decrease in income.

The regulator recommended that credit institutions give deferrals on loans or reduce their amount for the period of mobilization, “meet” such borrowers or develop special restructuring programs. We are talking about all types of retail loans. Such restructurings by banks, MFIs and credit bureaus should not be considered as a deterioration in the solvency and credit history of customers.

“It is also recommended not to accrue forfeits (fines and penalties) under contracts, not to demand early fulfillment of obligations, to suspend the collection of overdue debts or mortgage housing, not to evict from mortgage housing that were previously foreclosed,” the Central Bank said.

Close relatives of mobilized citizens can count on similar concessions if they are dependent on them. However, the Central Bank did not outline the circle of these people. The Bank of Russia indicated that in the future such special credit holidays could be enshrined in federal law.

On Wednesday, September 21, Vladimir Putin in a special televised address to the Russians announced about the beginning of partial mobilization in the country and the call for certain categories of citizens to participate in the military operation in Ukraine.

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