Emperor Nicholas I established the first private savings institutions in Russia in 1841 when he approved a statute "for the purpose of providing a means for people of every rank to save in a reliable and profitable manner". The next year, savings offices opened in the state treasury departments in Moscow and St. Petersburg. Over the next 20 years, about 45 such offices opened in nearly all of Russia's regional capitals. The State Bank of Russia, or Gosbank, was formed in 1860 and the savings offices were soon transferred under its jurisdiction.
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