Federal Law "On Banks and Banking"

A credit institution is a legal entity that has the right to carry out banking operations provided for by this Federal Law as the main purpose of its activities on the basis of the special permission of the Central Bank of the Russian Federation. A credit institution is formed on the basis of any form of ownership as a business company.

Bank - a credit institution that has the exclusive right to carry out the following banking operations: attracting money to individuals and legal entities, placing these funds on its own behalf and at its own expense on the terms of repayment, payment, urgency , opening and maintaining bank accounts of individuals and legal entities.

Bank with a universal license - a bank that has the right to carry out banking operations specified in the first part of Article 5 of this Federal Law. The bank with the base license is a bank that has the right to carry out banking operations specified in the first part of Article 5 of this Federal Law, taking into account the restrictions established by Article 5 of this Federal Law (introduced by the Federal Law of 01.05.2017 No. 92-ФЗ) < P>