The Central Bank of Uzbekistan has imposed fines on TBC bank, Davr bank, and Hamkorbank totaling more than 2 billion som. These decisions were made following the banks’ actions to eliminate violations of consumer rights and compensate for damages caused. According to reports, these cases are related to excessive interest charges on loans and the violation of consumers' rights.
TBC Bank’s Penalties and Adjustments
According to the Central Bank, TBC bank was required to recalculate the excessive 2.5 billion som interest on loans and return this amount to the consumers. Additionally, due to violations in recent temporary regulations, a sum of 1.7 billion som was recalculated and returned to consumers. The errors were attributed to the bank’s internal control or system errors.
Davr Bank Errors
Davr bank also made a serious error: excessive interest of 1.7 billion som on foreign currency loans and 1.9 billion som unlawfully withheld from the loan amount were returned. Furthermore, 461.6 million som, charged for the seizure of collateral, was also refunded. Both cases indicate the need for a detailed analysis of these errors and the adoption of appropriate decisions.
Errors in Hamkorbank
Hamkorbank also violated the law: excessive charges of 19.2 billion som on loans and 1.5 billion som, withheld for seizing or unseizing collateral, were refunded to consumers. Additionally, 54.9 million som in commissions that were wrongly collected from borrowers were also refunded. All these cases were reviewed by separate experts and recorded in the Central Bank’s registry.
Consumer Rights Protection
The Central Bank has stated that it will closely monitor any violation of consumer rights and take stringent actions against all financial organizations. In the event of violations, information about the actions of financial institutions will be provided through updated mass media channels.
This case highlights the importance of financial reforms in the country, strengthening the monitoring of the banking sector, and supporting independent oversight mechanisms.
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