Pre-revolutionary Period
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.
Famous quotes containing the word period:
“Remember how often you have postponed minding your interest, and let slip those opportunities the gods have given you. It is now high time to consider what sort of world you are part of, and from what kind of governor of it you are descended; that you have a set period assigned you to act in, and unless you improve it to brighten and compose your thoughts, it will quickly run off with you, and be lost beyond recovery.”
—Marcus Aurelius Antoninus (121–180)