Over 200 Russian banks may fail to meet 2012 capital requirement

Russia's Central Bank warned Tuesday that more than 200 banks would fail to meet the minimum capital requirement that takes effect in 2012.

Alexander Turbanov, general director of the Deposit Insurance Agency, said banks could lose their licenses if their registered capital doesn't reach the required 180 million rubles (about 5.9 million U.S. dollars) after Jan. 1, 2012.

Finance Minister Alexei Kudrin last year proposed to increase the minimum capital requirements for banks to 1 billion rubles (32.8 million dollars) over the next six years.

Source:Xinhua