State Duma deputy: law on digital archive will allow banks to abandon paper contracts

The State Duma plans to develop a bill on digital archives, which will allow banks to stop using paper media when concluding contracts with customers, Anatoly Aksakov, a deputy of the lower house of parliament, chairman of the board of the Association of Banks of Russia, told Izvestia. According to him, this way banks will be able to save billions of dollars a year. “We want to pass a law according to which all information will be stored on media. True, it should be duplicated so that there are no risks of losses. There will be no need to buy paper in huge quantities. This is a huge savings, cost savings. This means a decrease, for example, in interest, ”said Mr. Aksakov. He said that now banks are spent, including on paper, on renting space for storing documents and on their security, on maintaining the temperature regime. As the Central Bank explained to Izvestia, the bill will help to reduce the costs of storing and processing documents on paper, as it will allow credit institutions to completely switch to ….

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