Head of DIA Andrey Melnikov Delivers Lecture on 20th Anniversary of Russian DIA at FinU

On December 21, 2023, FinU hosted an open lecture by Andrey Melnikov, General Director of the State Corporation Deposit Insurance Agency (DIA), dedicated to the transformation of the compulsory deposit insurance system and its development directions.

The meeting with students and faculty of the FinU was a part of events dedicated to the 20th anniversary of the Russian compulsory deposit insurance system. As part of the DIA information and educational project, FinU was one of the first venues for a unique exhibition on the DIA’s formation and development history.

Opening the meeting, Stanislav Prokofiev, FinU Rector, noted the important role of the Agency in the country’s economic and social life, 

“Over the past 20 years, the effective functioning of the deposit insurance system has ensured an increase in the public’s much-needed confidence in banks as the most important financial market institutions. To date, the scale of the DIA’s activities is impressive – 98% of depositors are insured, and this is 254 million economic entities.”

Stanislav Prokofiev emphasized that the state corporation is one of the strategic University’s partners. Interaction as part of the cooperation agreement involves a whole range of promising areas: the educational process, the practice of students and the possibility of alumni’s employment, the organization of scientific research and events aimed at promoting the ideas that the DIA implements.

In turn, Andrey Melnikov also noted that the DIA and FinU have been linked for many years of cooperation, 

“We have a common mission – to increase the level of financial literacy of the population,” the Head of the Agency said.

During the lecture, he spoke about the history of the deposit insurance system’s formation and development in Russia and other countries of the world, noting the important role of this institution in maintaining the social and personal financial stability of every citizen.

The Head of the DIA highlighted the basic principles of creating a deposit insurance system, including the cumulative nature of reserve formation, reasonable risk allocation and the speed of payments. Andrey Melnikov added that all banks eligible to raise funds from the public are participants in the deposit insurance system and outlined the main directions of its development, electronic digital transformation and transition to new forms of insurance compensation payment, as well as expansion of the insurance facilities. 

“Step by step, a comprehensive protection system for various financial products is being formed in Russia,” explained the DIA General Director.

After the lecture, the meeting participants personally asked Andrey Melnikov questions about the investment tools available to state corporations, the specifics of protecting the individual entrepreneurs’ and small businesses’ funds, as well as the prospects for the development of individual investment accounts’ insurance. 

The students also took part in an intellectual financial game organized with the support of the Russian Society “Znanie”. Six teams competed in erudition, answering the moderator’s questions on economic topics. The winning team and the most active participants were awarded prizes and gifts with anniversary symbols.