Russian Central Bank to publish 2024 ranking of banks based on customer complaints- Nabiullina

SOCHI. Sept 26 (Interfax) - The Central Bank of Russia will publish a 2024 ranking of banks based on customer complaints, Central Bank Governor Elvira Nabiullina said.

"We are preparing to begin publishing a ranking of banks based on the level of complaints by the end of the year, as we have done for insurers, thereby allowing our consumers to see which banks justifiably most often receive complaints for infringing consumer rights," Nabiullina said at the 21st International Banking Forum organized by the Association of Banks of Russia.

"We'll also be working with the parliament to increase fines for hard selling or misselling. Yes, there are far fewer violations here, but they exist because the fine is a pittance. In my opinion, they should be comparable to any gains from the wrongdoing," she said.

Most banks behave very responsibly towards the client. "But the unfair practices of some banks are a nasty big stain on the reputation of the entire banking sector. And those banks that behave in absolutely good faith also suffer from this. So we will of course be combating this kind of practice very aggressively," Nabiullina said.