Digital archive law to enable banks to drop hardcopy contracts - lawmaker

This innovation will help banks to save billions of dollars annually, Anatoly Aksakov noted

MOSCOW, September 26. /TASS/. The State Duma, the lower house of the Russian parliament, plans to prepare a bill on a digital archive, making it possible for the banks to stop using paper when entering into agreements, Izvestiya newspaper reports on Sunday, citing head of the financial markets committee of the State Duma Anatoly Aksakov.

“We want to pass the law, whereby all the information will be kept on media. Truth to be told, it must be duplicated to avoid risks of losses. There will be no need to buy huge quantities of paper. This is an enormous saving, reduction of costs. It also means reduction of interest, for example,” the newspaper said, citing the lawmaker.

This innovation will help banks to save billions of dollars annually, Aksakov noted.

The draft law fill facilitate reduction of costs of storage and processing of hardcopy documents because it will make possible to companies to make the complete transition to electronic documents management, the Bank of Russia told Izvestiya.

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