Russian Prime Minister Dmitry Medvedev was asked about Russia’s banking system in a recent television interview.
Medvedev responded with confidence in the system to the question, which was asked during an annual meeting with prominent Russian television broadcasters, RIA Novosti reports.
“We have a system that is modern and reliable,” Medvedev said, according to RIA Novosti. “We are just adapting it to a new reality.”
This year, Russia’s central bank has revoked the licenses of more than 20 small and mid-sized banks. The central bank is cracking down on questionable banking activity.
One reason for the change, Medvedev said, is that Russia is trying to conform to international financial agreements such as the Basel III global banking accords.
Russia’s banking market is dominated by a few giant lenders owned by the state. The country has approximately 900 banks, RIA Novosti reports.