Russia to crack down on bank supervision

RUSSIA - The Central Bank of Russia has vowed to put harsh new measures in place to crack down on supervision over Russia's banks. This move by the central bank, which has recently overhauled its leadership, may cause a large number of banks to shut down.

Andrei Kozlov, first deputy governor in charge of bank supervision, said at the International Banking Congress in St Petersburg that a deposit protection scheme was being set up. He cautioned that all banks that failed to comply with new audit

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