INSUBCONTINENT EXCLUSIVE:
regional housing programs, reversing a recent ban that sparked backlash from local officials.Lawmakers had removed more than 30 microfinance
But regional authorities warned the move would block access to preferential mortgages for low-income borrowers.Under the new legislation,
each region can designate one state-backed microfinance organization to issue mortgages, subject to strict oversight by the Central Bank
The regulator will set additional requirements and maintain a list of approved lenders on its website.The bill, introduced by a group of
senators in July 2024, passed its second and third readings Tuesday and now heads to the upper-house Federation Council for approval.If
signed into law by President Vladimir Putin, the changes will take effect 90 days later.
