Three banks in Uzbekistan fined

The Central Bank of Uzbekistan has imposed fines on three banks: TBC Bank was fined 615 million soums, Davr Bank – 931 million soums, and Hamkorbank – 955 million soums. This was reported by the Central Bank’s press service.

It was reported that the three banks were given specific instructions to eliminate the identified violations, compensate consumers for the damage caused, and restore their infringed rights.

In particular, TBC Bank failed to direct excess payments received above the amounts indicated in the loan repayment schedule toward settling the outstanding debt as required by regulations. As a result, borrowers were overcharged 2.5 billion soums in interest. In addition, 1.7 billion soums in unlawfully accrued interest, charged after court rulings were issued on debt collection, were recalculated in favor of consumers.

At Davr Bank, 1.7 billion soums in overcharged interest on loans issued in foreign currency, 1.9 billion soums unlawfully withheld from the loan amount, and 461.6 million soums collected for pledging collateral were returned to consumers.

As for Hamkorbank, it was tasked with ensuring the return to consumers of 19.2 billion soums in unlawful payments collected during loan issuance, 1.5 billion soums in fees charged for pledging and releasing collateral, as well as 54.9 million soums in commissions that were not stipulated in loan agreements.

’’The Central Bank will henceforth take strict measures against all financial institutions under its supervision in cases where consumer rights are violated and will regularly inform the public about this through its official information channels,’’ the statement said.