13 Apr 2022 13:17

CBR expands Tinkoff Bank license to include precious metal transactions

MOSCOW. April 13 (Interfax) - Tinkoff Bank (SPB: TCS ) has expanded the scope of its banking license to authorize it to conduct transactions with precious metals.

The bank received a universal license on April 11 to conduct banking operations with funds in rubles and foreign currency, with the right to accept deposits from retail customers, and to conduct banking operations with precious metals, materials on the Central Bank of Russia's website showed.

With its updated license, Tinkoff Bank can attract precious metals from retail and corporate customers and place them in deposits (except precious metal coins), open and maintain retail and corporate accounts in precious metals, as well as make transfers on such accounts.

Tinkoff Bank does not currently work with precious metals. The bank has not yet responded to questions from Interfax.

It was reported earlier that, with the elimination of the value-added tax on purchase of precious metals in bars and the Central Bank's imposition of restrictions on individuals' withdrawals of cash foreign currency, retail demand surged for unallocated bullion accounts and precious metals in bars, particularly gold and silver.