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).
The Central Bank of Russia has revoked the license of the credit and financial organization in July 2017. In December, the Deposit Insurance Agency of Russia appealed to the Prosecutor General's Office and the ICR with a request to initiate criminal cases into the abuses revealed.