Financial penalty was imposed on another bank

A financial penalty was imposed on "Silk Road" AITB for violating advertising legislation, as reported by the Committee for the Development of Competition and Protection of Consumer Rights.

It was noted that during the studies conducted by the Committee, the annual interest rate for the "Universal" deposit type was advertised as 22 percent, while the "National" deposit type was advertised at 25 percent. These discrepancies were observed in the advertisements published by "Silk Road" AITB for the "Universal" and "National" deposit types.

Additionally, on the official website of the bank, information was provided regarding the recalculation of interest rates for the "Universal" deposit type, indicating an annual rate of 14 percent for the first six months and 18 percent for the subsequent six months, depending on the period of deposit closure. However, it was found that other crucial information regarding the "Universal" deposit type was not fully disclosed in the aforementioned advertising media.

In light of the above findings, the Special Commission of the Committee initiated a case against "Silk Road" AITB for violating the requirements of Articles 16 and 43 of the Law "On Advertising" and Article 6 of the Law "On Protection of Consumer Rights." A financial penalty was imposed following the established procedure. Furthermore, an instruction was issued to rectify the violation and prevent future occurrences.

It should be noted that previously, the Termez branch of "Orient Finans" Khatb was also fined for violating advertising legislation.