Another bank in Uzbekistan was fine

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

The Committee's investigation revealed that in the advertisement for the "Investment 25" deposit type published by "Universal Bank" JSB, it was claimed that the annual interest rate for this deposit was 25 percent.

However, according to the terms of the "Investment 25" deposit offered by the bank, the deposit term is 18 months, with an annual interest rate of 22 percent, and interest is paid monthly. The advertisement did not specify whether the interest was subject to capitalization or non-capitalization. Additionally, other important information regarding the deposit, such as the deposit term and the minimum deposit amount, was not provided.

In light of these findings, the Committee's special commission initiated proceedings against "Universal Bank" JSB for potential violations of the "On Advertising" and "On Protection of Consumer Rights" laws. The bank was fined as a result.

Furthermore, the bank was instructed to rectify the violation and take measures to prevent future occurrences.

It should be noted that a financial fine was previously imposed on "Ipal Yuli" JSCB for violating the Advertising Law.