Uzbekistan created service to protect rights of consumers of banking services

Business Materials 26 February 2018 18:50 (UTC +04:00)
Uzbekistan created service to protect rights of consumers of banking services

Baku, Azerbaijan, Feb.26

By Nigar Guliyeva – Trend:

The Central Bank of Uzbekistan has established a service for the protection of rights of consumers of banking services.

The new structure will consider appeals related to violations of consumer rights by commercial banks, microcredit organizations and pawnshops, implement measures to eliminate such violations and restore the rights of consumers, the Central Bank noted.

Later, a public reception will be created under the service, where citizens will be able to apply for consultations and explanations of the norms of the current legislation in the banking sector.

Furthermore, it is planned to set minimum standards for the protection of rights and interests of consumers of banking services, to carry out activities in the credit and financial system to improve the culture of banking services, provide innovative services to meet the needs of customers and build public confidence in the banking system.

The Bank also seeks to create a system and conditions for unhindered access of consumers to offices of bank branches through the introduction of administrators for primary reception of clients and provision of information and consulting assistance.

Also, measures will be taken to ensure that credit institutions provide customers with full information on cost of the loan, which allows to calculate its real value before going into a loan agreement.

Presently, the banking system of Uzbekistan is represented by 28 commercial banks, including 3 state banks, 12 joint-stock commercial banks, 8 private banks and 5 - with foreign capital participation.