The Central Bank of Russia has removed Microcredit Company UMNYE NALICHNYE LLC from the state register of microfinance organisations, citing repeated violations of federal laws and Bank of Russia regulations and the use of multiple supervisory measures over the past 12 months. The regulator highlighted 2024 breaches of financial consumer protection requirements, insufficient provisioning, and repeated submission of inaccurate reporting. It also said the company understated debt service-to-income (DSTI) ratios by calculating them using unconfirmed customer income data, which enabled lending to heavily indebted individuals, with the share of such loans among the highest in the microfinance market.
Central Bank of Russia 2025-04-01
Central Bank of Russia removes Microcredit Company UMNYE NALICHNYE from the state microfinance register after repeated consumer lending and reporting breaches
The Central Bank of Russia has deregistered Microcredit Company UMNYE NALICHNYE LLC due to repeated violations of federal laws and regulations. The company was found to have breached financial consumer protection requirements, submitted inaccurate reports, and understated debt service-to-income ratios, facilitating loans to heavily indebted individuals.