Peter Aven, Alfa-Bank President, met with President Vladimir Putin in the Kremlin on Wednesday August 9th to discuss the overall health of the Russian banking system. He told President Putin that the banking system was stable, two years after the collapse of several lenders had led to a run on deposits and there were no grounds whatsoever to fear a crisis. Recent actions taken by the Russian government, including a doubling of the national deposit insurance limit, have had a positive impact on peoples trust of the Russian banking system.

Early on July 28 President Putin signed a new law almost doubling the national deposit insurance limit up to 190,000 rubles ($7,200). According to Bloomberg, that shows Russians’ trust of the national banking system is returning after they lost their savings three times during banking failures in the 1990s.

This meeting in the Kremlin was shown on state television.