Shavaleeva Ch.M.Institute of Management, Economics and Finance of Kazan (Volga Region) Federal University, Kazan, Republic of Tatarstan, Russian Federation email@example.com ORCID id: 0000-0002-5407-3219
Importance The article investigates prospects for improving the procedure for liquidation of credit institutions to cancel out the adverse effects of dissolution and protect customer interests. Objectives The aim of the study is to unveil problems of customers of credit institutions to be dissolved and formulate solutions. Methods Wereview problems related to statutory regulation of procedure for credit institutions' dissolution in Russia through the analysis of applicable Russian laws and the practice of credit institutions' liquidation in the Republic of Tatarstan in 2017. Results The analysis shows that small and medium-sized businesses having accounts with banks with withdrawn license are very much vulnerable, the procedure for getting compensation through the deposit insurance system is unregulated, the financial literacy of Russian citizens is rather low. Conclusions Toprotect the interests of customers of credit institutions with revoked license, it is necessary to amend the current laws regulating the procedure for deposit insurance payment. Furthermore, it is critical to increase financial awareness in Russia.