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Banking sector in Russia to receive additional capital

  •  To give respite to Russia's financial sector, reeling under recession and Western sanctions, the lower house of Russian parliament has passed a draft law that would give the banking sector a capital inflow of up to 1 trillion rubles ($16.5 billion). The bank would start receiving the aid package of additional capital early next year.

    As per Russian Constitution, the draft law now needs to be passed by the upper house of parliament. Then President Vladimir Putin would sign it into legislation.

    The central bank of Russia too has eased regulation of the banking sector with a view to halt the downward spiral of the ruble.