Banking system in Romania and implementation of electronic payment

Romania's banking system is a two-tier system, including the National Bank and credit institutions. This system was introduced in December 1990, the first step of the banking reform. The legislative framework governing the banking system comprises: Law on National Bank of Romania - Law no. 312 of 28 June 2004 Ordinance on credit institutions and capital adequacy - Government Emergency Ordinance no. 99 of 6 December 2006; Law for the approval of Government Emergency Ordinance no. 99 of 6 December 2006 - Law no. 227 of 4 July 2007. On the Romanian market also operates non-bank financial institutions such as mutual assistance funds, pawnshops, financial leasing companies, credit companies for individuals, micro-finance companies, mortgage companies, companies offering factoring operations, finance companies specializing in commercial transactions, and others.