Banking system of the Russian Federation: current situation and development prospects
In modern terms of financial market instability and growing uncertainty in the economic sphere, the requirements for reliability of the Russian banking system are increasing significantly. Global tendencies characteristic for present-day banking have an impact on the banking system of the Russian Federation. Currently, they are so significant that many European experts call the current developments a revolution of banks. Among the most important trends referred to is an increasing competition with non-bank credit institutions, deregulation, technological and technical revolution, internationalization and globalization. The article presents an analysis of Russias modern banking system, investigates the dynamics of existing commercial banks and non-bank credit institutions of the Russian Federation in terms of the federal districts during crisis and post-crisis periods. It considers the influence of the key interest rate and the resource base of credit organizations on these processes, systemizes the problems characteristic for the period studied and brings forth the measures that are necessary to adopt on the Russian financial market for overcoming the present-day difficulties and for further effective development. As a basis of the analysis it uses the statistical data of the Bank of Russia and Deposit Insurance Agency.