“Hamkorbank” was fined for advertising violations

A financial penalty has been imposed on "Hamkorbank" JSB for violations of advertising legislation, as reported by the Committee for the Development of Competition and Protection of Consumer Rights.

The Competition Committee's investigation revealed that the advertising for Hamkorbank's online microloan service contained misleading information for consumers.

Specifically, the advertisement for this service stated, “Online microloan - Do you need money urgently? Get an online microloan of up to 50 million soums through the partner application!” This external advertisement did not communicate the essential conditions of the loan.

The Committee highlighted that while the advertisement provided information about the loan amount, it omitted other important conditions, which could mislead potential users.

"Consequently, the Special Commission of the Committee decided to impose a financial penalty on Hamkorbank for violating the requirements outlined in the Law on Advertising," the report states.

It is worth noting that "Universal Bank" JSB was previously fined for similar violations of advertising legislation.