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Russian MPs propose biometric identification for microloan borrowers

14:00 10/10/2019

MOSCOW, October 10 (RAPSI) – A group of the United Russia lawmakers has submitted a bill banning microfinance organizations from transferring microloan funds to clients without biometric identification of borrowers to the State Duma. The document’s version has been published on the official website of the parliament’s lower house.

Amendments are proposed to the Federal Law Concerning Microfinance Activities and Microfinance Organizations.

The bill is aimed to create obstacles to distribution and functioning of fraud schemes.

The draft law’s authors note that every third initial application for a microloan, according to the expert appraisals, can be carried out with no intent to return it. Moreover, 5-6% of properly executed or submitted applications have signs of fraud.

Frequently, fraud schemes are organized by microlenders’ employees or banks in conspiracy, an explanatory note to the bill reads.

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Russian MPs propose biometric identification for microloan borrowers

14:00 10/10/2019 A group of the United Russia lawmakers has submitted a bill banning microfinance organizations from transferring microloan funds to clients without biometric identification of borrowers to the State Duma.
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