Will microloans become more accessible? The central bank allowed an increase in cash in the cash registers of microfinance organizations.
From November 14, the Bank of Russia increases the limits of cash payments to participants in the microfinance market. MFOs, pawnshops and consumer credit cooperatives will be able to keep more money in the cash registers and issue loans to other customers without giving it to the bank first.
The changes concern the circulation of cash within organizations, and not the maximum loan amounts for borrowers.
New limitations:
MFO: under one agreement - from 50 thousand to 100 thousand rubles.
Pawn shops: as part of contracts with individuals - from 50 thousand to 200 thousand rubles, with legal entities - from 50 thousand to 100 thousand rubles.
MFOs and pawnbrokers, including their separate divisions: daily limit - from one million to 2 million rubles.
Consumer credit cooperatives and agricultural credit: within one agreement - from 300 thousand to 1 million rubles, daily limit - from 2 million to 4 million rubles.
What will change for borrowers.
Microfinance organizations will be able to quickly channel cash received from some clients to issue loans to others. This should increase the availability of services, especially in remote areas where banking infrastructure is limited.
However, increasing cash limits does not mean that customers will be allowed to take out larger loans. Their maximum size is still determined by the requirements of the law, the borrower's income and debt load. In pawnshops, the amount also depends on the value of the collateral.