On Bank Cards

 

On 15 November 2011 the Central Bank issued Directive No. 2730-U amending its Regulation No. 266-P “On the Issuance of Bank Cards and Transactions with Bank Cards.”

The Directive was registered with the Ministry of Justice on 9 December 2011.

The Directive provides that funds required for payments with a prepaid card may be granted by the individual holder of such card, as well as by third parties (provided the possibility of receiving funds from third parties is envisaged under an agreement between a lending organization and the card holder). Further, the limit of a prepaid card, which is established by a lending organization, may not exceed RUB 100,000 (or its equivalent in foreign currency). The replenishment of funds credited to the card (if such an opportunity is envisaged in an agreement between a lending organization and the card holder) is allowed within the limit of the prepaid card and may not exceed RUB 40,000 within a calendar month.

Lending organizations may engage bank payment agents to distribute bank cards they issue.

The Directive will enter into force on 30 December 2011.

For further information please contact Igor Ostapets or Irina Dmitrieva in the Moscow office of White & Case, tel + 7 495 787 3000 .

Share/Save