As Russian television networks fill the airtime with images of the United States striking targets in Afghanistan, most Russians wish they could wipe the month of September from their memories. Most, but not all. The exception is Russia's bankers, for whom September marked a long-awaited turning point. The government released a colossal prescription for improving the health of the banking sector, aiming to create room for growth within the nation's regulatory framework.

The banking system has remained largely non-transparent and distrusted by Russians during the country's decade-long struggle to embrace a market economy. While other sectors have reaped the benefits of President Putin's economic reforms, the banking structure has not changed since the gloomy days of the 1998 financial meltdown when many banks collapsed under the weight of hyperinflation, leaving depositors with nothing but a vague memory of their savings. The banks that weathered the 1998 crisis are no more accountable to the authorities or transparent to the public than before. No wonder most Russians keep their cash under their mattresses.