MOSCOW, December 13 (RIA Novosti) – Russia’s financial regulator revoked the banking licenses of three mid-sized Russian banks Friday, as the authorities ratchet up regulation of the country’s banking sector.

The operations of Investbank, Russia’s 84th largest bank by assets according to banking website, BPF Bank, the country’s 142nd biggest bank, and Smolensk Bank, the 109th largest bank, were all suspended, according to statements by Bank Rossii, Russia’s central bank.

Almost 30 Russian banks have lost their licenses this year as the regulator seeks to tighten oversight of the country’s lenders, and rein in shadow banking activity.

The central bank said that Investbank was guilty of false financial reporting and inadequate capital levels, while BPF was a threat to creditors because of its high risk borrowing.

Smolensk Bank had not observed its obligations to creditors and depositors while simultaneously “engaging in deals aimed at asset stripping,” according to the central bank.

Investbank’s offices temporarily suspended operations in Russia’s westernmost region of Kaliningrad on Thursday after what the bank described in a statement as the “unfounded panic of depositors.”

BPF has had problems honoring obligations since November. Smolensk Bank has also had liquidity problems, and earlier this month requested financial assistance from the central bank.

The three banks have combined assets of about 138 billion rubles ($4.2 billion), according to

Last month the central bank revoked the license of major Moscow-based lender Master Bank, causing widespread problems with payment transactions across the country. The regulator said that Master Bank had been involved in money laundering, and “large scale suspicious operations.”