Postal Bank will be created in Russia

UFA, 14 October 2015. /Bashinform News Agency, Rozaliya Valeeva/. The Russian President Vladimir Putin approved creation of the Postal Bank, according to the National News Service.

As emphasized previously by CEO of the Russian Post Dmitry Strashnov creation of the Postal Bank would provide the population throughout the country with access to basic banking services, including in remote regions. In addition, the Postal Bank will give the national postal operator a real opportunity to continue the reform without the involvement of state subsidies.

Provision of postal services by the Bank is planned on the basis of post offices of FSUE "Russian Post". This will require usage of a property being in the federal ownership and belonging to the Russian Post on the right of operational control, through the conclusion of agreements on transfer of rights of usage to the relevant facilities.

One of the key mechanisms for financing the postal reform will be the infrastructure tranche that the Russian Post will receive as a result of the project implementation.

The decision of the Government states that its size will be at least 47 billion rubles by 2023.