The Central Bank urged banks to stop misrepresenting information in deposit advertising

The Central Bank has reacted to the distortion of information when promoting deposits on banks' websites and urged the market to get rid of unfair practices, the regulator's press service told Izvestia. The Bank of Russia urged credit organizations to inform consumers about the parameters of deposits without using various techniques that distort the terms of financial services.

A feasible deposit: the average size of Russians' deposits has grown to 500 thousand rubles.

It increased by almost 22% in the past year

The Central Bank expects that conscientious market participants will take into account its wishes. In addition, the regulator expects that associations of banks will form uniform principles for the entire market for the placement of such information. "Izvestia sent an inquiry to the largest of them - the Association of Banks of Russia (ABR). They said that the organization is conducting a survey of market participants on the topic of requirements for advertising of deposits - the position on this issue will be presented at the council of the association, which will be held in March. Absolut Bank confirmed to Izvestia that it had received recommendations on deposit promotion from the Central Bank.

Formally, the recommendations of the Bank of Russia do not have to be taken into account, but if a market participant does not do so, the regulator can send him instructions, which will already have to be fulfilled, said economist Andrei Barkhota.

Read more in the exclusive material "Izvestia":

Yield article: Central Bank reveals new practices of deception in deposit advertising