Preferential loans in Uzbekistan now issued in 10 minutes

Due to digitization, the issuance time for preferential loans in Uzbekistan has been reduced from three days to just ten minutes, kursiv.media reported.

Banking sector representatives told the Legislative Chamber of the Oliy Majlis that automatic document checks and the development of online services have made the loan approval process more transparent and reduced corruption risks.

However, deputies noted instances of document forgery, embezzlement, misuse of funds, and illegal demands and payments, leading to an increase in the share of problematic loans.

In 2024, the Accounts Chamber audited six commercial banks. Of 858 billion soums in preferential loans, 140 billion were deemed problematic. Additionally, 176 billion soums were not deposited into company accounts.

The volume of problematic loans under family entrepreneurship programs reached 1.7 trillion soums. Law enforcement also uncovered embezzlement totaling 127 billion soums.

Deputies urged banks to continue digitizing the lending process and advised financial institutions to study international anti-corruption practices and implement artificial intelligence to reduce human interference. Read 'Zamin' on Telegram!