Legal case was initiated against “Ipotekabank”

"Ipotekabank" ATIB is facing a case for potential breaches of the Law "On Advertising" and "On Protection of Consumer Rights". This action was reported by the Committee for the Development of Competition and Protection of Consumer Rights of Uzbekistan.

The bank's official website states that for the "Super" type of deposit, interest rates of 26 percent for the first three months and 14 percent for the next three months are applied to funds deposited through the bank's cash register. For online deposits, the rates are 26.09 percent and 14 percent, respectively.

However, despite offering a 26 percent interest rate for the first three months of the "Super" deposit, the crucial terms and conditions are not disclosed in the advertisements on social media.

As a result, a case has been initiated against the bank for violating Article 16 (Basic Requirements for Advertising), Article 43 (Advertising of Financial Services), and Article 6 of the Law "On Protection of Consumer Rights".

Additionally, it was previously reported that the Tashkent regional office of ADB "Agrobank" was also investigated for similar violations of the Law "On Competition", and appropriate actions were taken.