Regional Development Bank loses license in North Ossetia

The Bank of Russia  nullified the license of the Regional Development Bank today, ITAR-TASS reports.Sergey Doyev, a member of the board of the Regional Development Bank, was put under home arrest on October 6. A set of economic restrictions and limitations for operations with individuals were imposed at the bank.The bank has been having problems with deposits and payments since September. The institution lacks funds as a result of inability of some of its clients to pay off some large loans.The Regional Development Bank has been among the top 3 largest banks of the North Caucasus Federal District, and among the 500 largest Russian banks.

The Bank of Russia  nullified the license of the Regional Development Bank today, ITAR-TASS reports.Sergey Doyev, a member of the board of the Regional Development Bank, was put under home arrest on October 6. A set of economic restrictions and limitations for operations with individuals were imposed at the bank.

The bank has been having problems with deposits and payments since September. The institution lacks funds as a result of inability of some of its clients to pay off some large loans.

The Regional Development Bank has been among the top 3 largest banks of the North Caucasus Federal District, and among the 500 largest Russian banks.