The Central Bank of Russia has officially registered the qualifications to revoke the licenses of credit institutions.
The circumstances would involve noncompliance with capital standard requirements, Rossiyskaya Gazeta reported.
An example of this scenario would be a bank that has less than approximately $6,487,680 U.S. (as calculated according to international standards) in funds within three months after Jan. 1, 2015.
The Central Bank of Russia would give the said bank time to raise its capital if it is because of technical difficulties. Otherwise, the Central Bank of Russia would send the credit institution prescriptions to to raise the capital.
If the bank still cannot raise enough capital within the given time, the bank must appeal to the Central Bank of Russia for a status change to non-bank credit organization.
The same licensing standards also apply to a pawn shop or a credit cooperative organization. If they do not meet the list of qualifications, they must apply for a status change or lose their license.