The initiator of the creation of Savings Banks was Emperor Nicholas I in 1842, despite the skeptical attitude toward this idea on the part of his chief adviser on economic matters, Minister of Finance E. F. Kankrin, who believed that in order to save money there was no need to open a special institution; it was enough to keep money at home.
The Decree of Emperor Nicholas I of October 30, 1841 marked the beginning of the first state savings banks in Russia. The first bank was opened on March 1, 1842 in the building of the Foundling Home at the Safekeeping Treasury of Saint Petersburg. This event is commemorated by a coin minted at the Moscow Mint in 2001 to mark the 160th anniversary of savings banking in Russia.
Officially, the author of the project to create Savings Banks is named as Ivan Dmitrievich Chertkov, but many researchers believe that he discussed and coordinated his project with his elder brother Alexander Dmitrievich.
By the law of May 30, 1905, Savings Banks were entrusted with the insurance of incomes and capital, and a council for matters of this insurance was established under the Ministry of Finance.