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From additional operations banks commonly practice only currency operations, because they do not have licenses for other operations.[35] Even currency exchange presents a lot of problems for individuals. First of all people have to bring their passports for that operation or for registration of any kind of exchange in tax agencies. Thus, the privacy of that operation has disappeared, and that leads to the development of that operation on the black market. If banks go on creating impossible conditions for clients that will lead to the development of these operations on the black market and, therefore criminal groups, instead of banks, will invest the huge profits in to the industry.
Non-traditional operations in Russia do not exist at all. Or rather they are written down in regulations for the banks but the demand for these services in Russia is zero. This is because no one trusts the banks and banks do not want to practice that activity either, because of small profit. In our city not a single bank has in its staff a person who is occupied with one of the non-traditional operations.[36]
Having analyzed the information I can now show it in simple data-bases. To answer the question if the Russian banking system is fully developed, I will compare the theory of generally accepted European banking services to the results of my essay.
The Russian banking system:
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agree in: |
differs in: |
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1. definition 2. deposit operations 3. credit operations for companies 4. non traditional operations |
1. Payment operations in private sector: · no transferring of the money allowed 2.Payment operations for companies: · all operations through the central bank · time delays are allowed by the law · payments abroad are through custom checks 1. Credit operations in private sector: · maximum term of loans is 10 years 2. Cash operations: · time delays are allowed by the law 3. Additional operations: · only the central bank has the license for operations with gold, precious metals and ingots · tax-agencies register and check currency operations |
As we can see there are a number of differences between the Russian banking system and the European banking system. This means that the Russian banking system has not fully developed yet.
According to my research the Russian theory of the banking system differs from the established facts. The final results I can show on the following data base.
The Russian banking system: theory and fact. Do they differ?
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agree in: |
differ in: |
|
no points |
1. Definition of banking system: · not all services are carried out · the laws are not executed |
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2. Deposit operations: · clients are forced to keep the money on deposits 3.Payment operations in private sector: · [P1] few shops accept credit cards 4.Payment operations for companies: · take more time 5.Credit operations in private sector: · banks are unwilling to give loans 6.Credit operations for companies: · banks are not objective while choosing future clients, which leads to corruption 7.Cash operations: · the withdrawal of money is limited · clients wait for several days to withdraw big sums 8.Additional operations: · movement of these operations to black market 9.Non-traditional operations: · do not exist |
The Russian money institute is called a banking system, so it has to conform to the standards and try to approximate the generally accepted level. As we can see from the facts, however, Russia is yet far away from the accepted standards and the real practice of the Russian banking services is different from what it should be according to the Russian law and theory of the banking system. Of course, I do not presume to present a detailed analyses of all the problems involved. But even my personal research can show that the Russian banking system is far from ideal. First of all, all banks are using their superior position in the finance market, and all their activities are boiling down to making bigger profits with the minimum risk. Thus, banks are often breaking the law by not conducting operations in which they could lose their money, or operations with low profitability. The result is that not all operations are fulfilled as they should be, because of the prepossession of the banks to their clients. In the private sector this situation leads to the distrust of banks by clients and, as a result, banks receive less money for their operations. In the situation of time delays and other difficulties with money operations, companies are losing their money: with a healthy banking system a company can get a bigger profit. In the situation of unstable economy banks should be the instruments of the government and should help the industry to develop. But in Russia everything is different: the government issues impossible laws and banks demand impossible interest rates, delay the money and break the law. How can it help the Russian economy? In the end, clients are afraid of using banking services and this apprehension limits cash flows. This leads to less investment in industry, and undeveloped industry is the main problem of the government. On the other hand, companies are receiving fewer loans because of the unwillingness of banks to give any. This again leads to undeveloped industry. Therefore we may conclude that one reason for the recession in Russia is the deficiency of the banking system that leads to unhealthy money circulation. The government should review its banking laws if it really wants to see a stable economy in Russia.
Реферат опубликован: 14/03/2007