Revocation of banks’ licenses

The Pushkino bank was the 1st one to be shut down in 2013. The case was notable for the record-breaking public insurance payout (more than 20 billion rubles). Pervy Express was the next one to be shut down. Master Bank was infamously shut down on October 20.The bank was on the list of the 100 largest Russian banks in regard to assets amount, as well as on the list of the 5 largest Russian banks in regard to the number of ATMs and issued bank cards.

Igor Putin, a cousin of the Russian President, being on the management board, did not help the situation. The Central Bank of the Russian Federation made an example of yet another bank on December 13, 2016. It was Investbank this time. It revoked licenses of the Smolensky Bank and Project Investment Bank (Bank Proektnogo Finansirovaniya).