The Central Bank has warned banks for dishonest practices: the fight against "black conditions" has begun

In Uzbekistan, there are more and more cases of violations of the principles of transparency and fairness in the banking sector. The Central Bank has taken this issue seriously and has sent an official warning to all credit institutions. The letter provided examples of unfair practices by banks and noted that such actions undermine not only the rights of consumers, but also confidence in the entire banking system.

The Central Bank's appeal notes that some financial institutions are acting in a manner contrary to the norms of decency and fairness in relation to their clients. This leads to financial hardship for citizens and leads them to make wrong financial decisions. Such practices are associated with the inclusion of hidden or incomprehensible conditions in credit agreements, unilateral changes, and the provision of additional services without the consent of the consumer.

The Central Bank, based on Article 9 of the Civil Code, requires honesty, fairness, and reasonableness from all financial institutions. Violation of these requirements is considered a violation of consumer rights and poses a threat to financial stability.

The Central Bank has included the following in the most common unfair practices:

• Contracts with harmful and unclear terms for consumers;
  
• Presenting incorrect or exaggerated information about services;
  
• Unilateral changes in interest rates, penalties and payments;
  
• Imposing unlawful obligations on the consumer through “covenants” and “important conditions” in credit agreements;
  
• Blacklisting, providing unfounded explanations when refusing a loan;
  
• Forcibly providing additional services such as insurance, SMS-messages;
  
• Incorrectly reflecting the preferential payment period in mobile applications;
  
• Premature collection of debts before the due date.
  

The Central Bank recommends that all credit institutions convey the contents of this letter to their employees and organize regular training courses to improve the skills of front-office employees. In addition, dishonest practices in the banking system are reported to the public every month through the websites of the Central Bank and official information channels.

In case of violation of their rights, consumers will have the opportunity to complain directly to the Central Bank through the soon-to-be-introduced online appeal platform. Through this, every citizen becomes an active participant in protecting their financial interests. Read 'Zamin' on Telegram!