Three More Banks Lose Licenses | Business | The Moscow Times:
"The Central Bank has continued its crackdown on the banks by revoking the licenses of another three credit institutions, Vedomosti reported Monday.
Reliability bank, based in Kurgan, south Russia; the National Payment Company based in Moscow; and Imbank, based in Makhachkala, Dagestan, have all had their licenses taken away due to violations of banking laws.
While Reliability bank has been implicated in a number of suspect financial transactions, Imbank has concealed significant losses that would have otherwise provided grounds for its bankruptcy, the regulator said. The total shortage of funds identified at Imbank currently exceeds 90 million rubles (about $2.7 million)"
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