Tinkoff-Bank FAS fined on 300 thousand rubles

The Federal Antimonopoly service (FAS) Russia has fined Tinkoff Bank on 300 thousand rubles for unfair competition in the Deposit market, informs the service. As reported today the portal Banker.<url>, the consideration of the application of JSC “Tinkoff credit systems” Bank (Tinkoff-Bank) to invalidate decisions and prescriptions of the FAS Russia on the violation by Bank of the law “On protection of competition” has been postponed for April 25.

“March 14, 2016, the FAS Russia took the decision on the imposition of JSC “Tinkoff Bank” and its officials face fines of 300 thousand rubles and 12 rubles respectively for unfair competition in the deposits market”,— quotes RIA “news” service.

Due to the fact that the identified violation was not rectified by the Bank on a voluntary basis, the Commission FAS also agreed to issue to the Bank a respective order.

The Bank does not agree with the order of the FAS and will appeal against it in arbitration court, as the Bank saw no evidence of a breach of competition, in which it accuses the FAS, there is no case when any of the competitors suffered losses caused directly by the actions of the Bank.