After the collapse of the Azerbaijan Democratic Republic on 28 April 1920, the Azerbaijan State Bank was renamed the Azerbaijan People’s Bank at the order of the Finance Commissariat of the new state structure – the Azerbaijan Soviet Socialist Republic on 31 May 1920. At the decision of the Revolutionary Committee of Azerbaijan dated 9 June 1920, all banks and other credit institutions were nationalized and subordinated to the People’s Bank. The banking business was under an exclusive monopoly of the state.