The economist explained the advantages of linking the INN to a bank account

Linking all open accounts of citizens in Russian banks to their individual taxpayer number (INN) is aimed at preventing unfair practices with financial transactions of citizens, and is also designed to simplify the work of tax and other government agencies. At the same time, the transparency of banking operations and the effectiveness of interaction between banks and the Federal Tax Service will significantly increase. This opinion was expressed by Andrei Loboda, an economist and top manager in the field of financial communications, in an interview with Izvestia on December 8.

"For the perfect protection of citizens' personal data, we will need a first-class hardware and software solution, the development and implementation of new solutions for credit institutions and relevant authorities. The integration of banks into the new system will require investments and testing for new solutions, and it is likely that this path can be completed within one to one and a half years," he added.

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The innovation under discussion is useful and expected, it will not complicate the tax accounting procedure for individual entrepreneurs and other business representatives. In Russia, digitalization of tax administration is one of the most highly developed by default, and the state interacts with all taxpayers easily and without stress.

Additional "digitization" of the bank–client channel will significantly reduce the risks of implementing unfair practices and maintain the reputation of banks. The presence of the INN in the databases for all current accounts and deposits of individuals will allow us to determine all risks for customers with the utmost accuracy. However, the expert noted that this would not help debtors to the Russian budget in any way: sooner or later the funds would have to be transferred to tax authorities at different levels.

"Today, as before, the availability of loans to borrowers is influenced by two key factors: the percentage of loans and the reputation of the borrower. Against the background of the current tight monetary policy, bank lending remains unaffordable for many representatives of private business, but everything can change for the better if the key rate of the mega-regulator falls below 10%," Loboda concluded.

Earlier in the day, Olga Polyakova, Deputy Chairman of the Bank of Russia, said that the Central Bank of the Russian Federation plans to oblige credit institutions to link customers' INN to bank accounts. According to her, this is necessary to combat droppery, as the INN will become the customer's identifier in the system.

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