Objectives: To describe the trends in modern banking sector and the system of State control of the activities of credit organizations in Russia, highlight the advantages and risks that threaten the sustainable development of Russia. Methods/Statistical Analysis: Methodological basis consists of conceptual provisions in the area of institutional foundations of development of banking, monitoring and supervision. The systematic approach considering Russian commercial banks as part of financial market of the country. The following methods of scientific knowledge were applied: Comparative analysis and statistical research. Findings: More than half of the banks operating in Russia are concentrated in the Moscow region, while in the Far East, North Caucasus, the Urals, Siberia, Southern and North-Western Federal districts, their proportion is below 10%. It has been found that the process of bank enlargement in Russia entails a sequential monopolization of the country’s banking sector. It is manifested in the constant increase of the importance of some of the largest state-owned banks in the economy. If in 2007, five leading banks of Russia held 42% of industry assets; by 2016 this figure had risen to 77%. It has been proved that an overall reduction in the number of banking institutions and their affiliates was not caused by compression of the sector, but resulted from its rapid centralization. The authors conclude that excessive bureaucracy in the control of the Bank of Russia hinders the development of the banking sector. It is necessary to generate new thinking focused on formation of professional opinions of supervisors and increased responsibility for results. Application/Improvements: The results presented in this paper may be used in further scientific research in this area.
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