The central bank penalized banks for excessive interest rates

In Uzbekistan, the Central Bank identified violations in several banks and imposed heavy fines on them. This was reported by Zamin.uz.

As a result of a special inspection, TBC Bank, Davr Bank, and Hamkorbank were fined a total of more than 2 billion soms. These decisions were made based on the banks' violations of consumer rights and the measures taken to compensate for the damages caused.

It was found that the banks charged excessive interest to borrowers, violating their rights. TBC Bank was forced to recalculate and refund a total of 2.5 billion soms of overcharged interest on loans to customers.

Additionally, payments amounting to 1.7 billion soms were also reviewed and refunded to consumers. It was determined that this error occurred due to shortcomings in the bank's internal control or electronic system.

At Davr Bank, 1.7 billion soms of excessive interest on foreign currency loans and 1.9 billion soms unlawfully withheld from the loan principal were refunded. Furthermore, 461.6 million soms paid for the release of pledged property from restrictions was also returned to consumers.

Since these errors negatively affected the financial condition of the bank's clients, it is necessary to conduct a thorough analysis and take preventive measures. At Hamkorbank, payments amounting to 19.2 billion soms, which were unlawfully collected, and 1.5 billion soms collected for placing or removing restrictions on pledged property were refunded to consumers.

Moreover, commissions totaling 54.9 million soms collected by the bank were recalculated and refunded. These cases were identified following a comprehensive inspection by the Central Bank and were studied in detail by specialists.

The Central Bank aims to strengthen the protection of consumer rights by exercising stricter control over the activities of financial institutions. To this end, updated information will be regularly provided in cooperation with experts and mass media.

These measures serve to reform the country's financial system and enhance the effectiveness of independent control mechanisms. Source: zamin.uz